Tax man has been paid

City have suffered several stays of execution over the months as they prepared for the investment from Malaysia to come in and clear the debt that has seen Cardiff City under a transfer embargo for most of last season.

Now though Chief Exec Gethin Jenkins says that they will go to court to have the order against the club formally discharged.

"I can confirm that the HMRC petition debt has been settled in full." he told The Echo.

It emerged yesterday that a company registered in the Cayman Islands is owed upto £3m by Cardiff City. The money received by the club under Peter Ridsdale's tenure is thought to have been borrowed against future player revenues.

Company secretary Alan Whiteley told the Echo "The debt has been rescheduled under an agreement which helps to make the club more stable."

He added: "It is an historic debt borrowed as part of the club's previous funding arrangements."

It's believed that the company, Player Finance Fund I SPC, have become a secured creditor in return for reducing the debt owed to them.