News Alerts
Headlines
Langston win could wound Cardiff City stadium project
England - 14 March, 2008
Adjust font size:
Should Langston win its High Court bid for payment against Welsh Cardiff City, the club would come up roughly GBP 20 million short on its share of the new stadium.
Club president Peter Risdale is confident his club would not lose the summary judgment, and that the case will be drawn out. He has said a loss means the club goes right into administration.
Barclays Bank has a GBP 8 million loan in the project, but that would have to be re-negotiated if Langston is successful.
The court hearing has been called by Langston, which called for immediate repayment of GBP 24 million in loans notes taken out by former club chairman Sam Hammam. The club has countered by saying the funds aren't due in full until 2016.
Hammam has been representing Langston at meetings, though he denies a direct link.
The verdict could take as long as a few weeks.
Club president Peter Risdale is confident his club would not lose the summary judgment, and that the case will be drawn out. He has said a loss means the club goes right into administration.
Barclays Bank has a GBP 8 million loan in the project, but that would have to be re-negotiated if Langston is successful.
The court hearing has been called by Langston, which called for immediate repayment of GBP 24 million in loans notes taken out by former club chairman Sam Hammam. The club has countered by saying the funds aren't due in full until 2016.
Hammam has been representing Langston at meetings, though he denies a direct link.
The verdict could take as long as a few weeks.
Source: euFootball.BIZ © Copyright 2006 -
All rights reserved.
© Copyright message
The copying, republication, redistribution or web posting (including by framing or similar means) of this content is expressly prohibited without the prior written consent of euFootball.BIZ
-
Finance
Television
Sponsorship
Marketing
Technology
Competitions
Clubs
Stadia-Facilities
Legal
Administration