Chief Exec Jenkins sets the record straight
Last updated : 20 August 2010 By Michael Morris
Cardiff City Chief Executive Gethin Jenkins has spoken out today about the deal that brings Craig Bellamy to Cardiff City.
Jenkins addresses the media coverage that saw the FL publicly embarrass the football club asking them to justify themselves, something no other club has had to endure. He also explains that Motherwell have received half of their money already and the rest is on the way and as reported last night on cardiffcity-mad the tax man has been paid on time.
Jenkins told the official website
www.cardiffcityfc.co.uk : "It has become apparent that despite all the pluses of bringing a player of Craig Bellamy's ability to Cardiff City and the npower Championship, there are a few who continue to question the deal. While we feel that this is for reasons of competitive advantage, the facts of the deal stand up to scrutiny especially when other deals are considered. We would therefore like to set the record straight.
"In June this year new investors based in Malaysia, TG and Vincent Tan, together with new board members and senior executives, took over the club and made it clear that that they wanted to learn the lessons of the past and move forward. Faced with similar problems, we are sure some would have chosen to go into administration, with the resulting impact on Creditors and suppliers in the local community. Cardiff City haven't done that and have gone about reconstructing the business and working our way through historical issues and debts, and as we have said, getting the Club on a sound business and financial footing.
"We also understand we need establish new credibility and engage with the supporters and businesses in South Wales and the larger community in order that they can engage with us.
"To date significant cash investments have been put into the club to pay down historical debts and creditors, and TG and Vincent Tan have committed to resolving the other issues faced. We can also confirm that as a result of the increased cash flow with the interest since Craig Bellamy's arrival we have now paid half of the money owed to Motherwell, a Club who themselves were in administration, and we have given our word that the remainder will be paid within the 7 day commitment we have made. In addition, our current HMRC tax has been paid on time.
"As stated, we are committed to addressing the obligations of the business, we will face up to the challenges that will come, and to our creditors we would like to thank them for being patient as we address our business issues.
"Without going into the specifics, we believe the business and sporting case for signing Craig Bellamy more than stacks up especially, with increased ticket, hospitality and retail sales which is already helping the cash flow of the business. We are confident that any other Club in the Championship presented with a similar opportunity would have done the same. It should also be remembered that we released 10 players off the payroll at the beginning of the season and have not paid a single transfer fee this summer, whilst with the change in management team there has been significant off-pitch payroll savings.
"We thank the supporters and South Wales for getting behind the team, and ask that they continue to do so throughout the coming season. As stated we are committed to running this club on a sound business basis and with the full backing and commitment of TG and Vincent Tan and the other directors. We now hope we can get on with competing in the npower Championship and let the football be the focus."
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