Cradiff wins High Court judgment

Mr Justice Briggs, the high court judge, has rejected on Friday the Swiss investment bank Langston's attempt to secure immediate repayment of up to GBP 24 million loaned to Welsh Cardiff City in 2004.

The case will now go forward to a full trial of the complex issues involved, although both parties will work towards an out-of-court settlement.

Chairman Peter Ridsdale believes that a full trail is unnecessary and potentially damages the club.

Ridsale will work to find the funds to accelerate payments to Langston. However, if the club will be forced into a full trial they will go into that with confidence.

“I was astonished when Langston started court action last August,” Ridsdale told the South Wales Echo. “We had no prior warning that there was a problem.

“I found trying to negotiate with people who are supposedly in Panama or the British Virgin Islands. We don’t know who they are.

“But I think in court this week we demonstrated that Mr [Sam] Hammam clearly is a connected party and the judge accepted that.

“If we are forced into a full trial we will go into that with confidence. But that would be a waste of money, a waste of time.

“My feeling now is one of relief. This has taken a lot out of a lot of people at the football club. We always argued it should never go to court.

“We are pleased the judge upheld our opinion that is was not a case for summary judgement. Frankly it was not a matter for the courts and can only be solved satisfactorily by sitting round a table and mutually agreeing a solution.”

“It is a massive weight off everybody’s shoulders because perhaps we can start looking forward now rather than looking over our shoulders," manager Dave Jones told the Western Mail.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.