Cardiff owner Vincent Tan has revealed he intends to reduce the club’s debts owed to him by more than £60million in this year’s accounts.
Tan, who acquired the Welsh outfit in 2010, announced at a Q&A session at the Cardiff City Stadium on Thursday that he wrote off £13million of monies owed to him last year and will continue to convert further debt into equity.
Cardiff were reportedly staring into a £174million financial hole following their relegation from the Premier League in 2014 but now Malaysian businessman Tan has the tentative aim of making the club debt-free by 2021.
“I think over the last two years, I’ve converted some loans to equity and then we wrote off some of my debts. Last year we wrote off (£13million). I think officially the club owes me £107million,” he told the Q&A session.
“I’ve decided that, in this year’s accounts, I’m going to convert £60million into shares, into equity, and that will leave about £47million of debts.
“I’m converting £60million because we have resolved with a long outstanding creditor, who took us to court and said nasty things about us. He is the luckiest man in the football world that Vincent Tan came to Cardiff; frankly, I don’t think he deserved it. I don’t mention his name, I don’t even want to mention his name – it would spoil my day to mention his name.
“I was too nice, too generous and I don’t feel good at all. I don’t want to mention his name at all; from now until forever.
“We have had so many problems to deal with and I’m that kind of person who could have waked away after £50million but I feel a sense of responsibility and also I want to carry my country’s name well.
“I don’t want to rubbish my country’s name and just come in and walk away. There’ll be a day when I leave and I hope and pray that I leave it in good hands.”
Meanwhile, Tan admitted to giving a pep talk to the Cardiff players on a recent visit to the training ground.
He is quoted by Wales Online as saying: “In every match I want to see 30 or 40 attempts on goal, at least. Just shoot from 25, 30 yards, I told them.
“What’s the point of passing, passing, passing and hoping to get in the box that way?
“Unless you’re Lionel Messi looking for a tap in, it’s not going to work.”