Cardiff City reports loss

The Championship club has reported a loss of £9m in its end of year statement for May 2004, taking the club’s total debts to £29.6m. The club has been unable to meet its latest salary obligations of £750,000 sparking fears of further player sales. Spending on wages and salaries increased by £1.3m, taking total staff costs to £9.7m. A three-month delay in the construction of the club’s 30,000- capacity stadium is cited as the main cause of the current financial trouble, with rising fees and the delays in the expected revenue generation associated with the retail developments on the stadium site. The Championship club is to get a loan from the Professional Footballers’ Association to help pay players salaries. The club failed to pay its estimated £750,000 wage bill at the beginning of March. The PFA is assisting English clubs financially already since 1980, and according to PFA deputy chief executive, Mick McGuire “the PFA is discussing all options with the club and trying to give the players some comfort.

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