The full extent of Vincent Tan's financial support for Cardiff City during the Covid crisis has been revealed in official new figures just published.
The accounts show the debt at Wales' capital city club stood at £109.5million for the year ending May 31, 2021.
With fans barred from attending matches because of the pandemic, and thus income streams severely reduced, Cardiff relied heavily upon the backing of their Malaysian owner who lent the Bluebirds a further £16m during the year.
As majority shareholder, the debt owed to Tan stands at £61m, but he has given assurances about the club's foreseeable future. Of that £61m debt, Tan converted £6.5m into equity via a new shares offer.
A further £16m is owed to Tormen Finance Inc, a company Cardiff chairman Mehmet Dalman is believed to be involved with. That money was loaned at nine per cent interest.
Other directors' loans totalling £5m, plus a £6.2m loan from the Football League fund to bail out clubs during the Covid crisis, are also recorded.
Notes in the accounts show further loans of £22m have also been taken out since the end of the financial year recorded, ie for this season, to help with the day-to-day running of the club.
In time this may also be shown to be further money loaned by Tan and Dalman, but as things stand that is not clear.
Dalman previously stated Tan was dipping into his own pocket to the tune of almost £3m a month to help pay the wages.
In his chairman's statement, Dalman talks of the turbulent period Cardiff have just come through and how the "pressures on football finances has obviously meant that we have been heavily reliant upon the continued financial support of Vincent throughout this entire period."
He continued: "As a Board and club we are extremely grateful for the continued support of our owner and without this the future of the club would look much more precarious."
Dalman also emphasised Cardiff felt a structure was being put in place "to ensure that we can achieve our aim of promotion back to the Premier League."
Significantly he continued: "We must then ensure that we retain our status for the foreseeable future and break away from the vicious cycle of promotion and relegation."
Dalman was referring to the fact Cardiff only lasted a season in each of their Premier League campaigns under Tan's watch, first under Malky Mackay and Ole Gunnar Solskjaer and more recently with Neil Warnock as manager.
Dalman feels the emergence of a crop of talented young players, Isaak Davies, Rubin Colwill and Joel Bagan among them, can help create the kind of stability he talks of as Cardiff look to the future.
The accounts show a net loss for the year of £11.2m, with player wages costing £26m.
The wage bill has been subsequently been significantly reduced with the Bluebirds cutting costs this season.
The accounts show Cardiff have made provision of more than £20m on the balance sheet should they lose the Court of Arbitration case with Nantes over the Emiliano Sala transfer fee.
However, should the ruling go against the Bluebirds, Tan and Dalman would still need to find that money in real terms.
They say in the accounts though they are 'of the opinion that the appeal has good prospects of success' as they seek to stop a transfer ban being imposed.
The first day of the CAS hearing was taking place today in Lausanne, but it is being heard in private as Cardiff and Nantes present their cases.
Cardiff have another legal battle on their hands with former owner Sam Hammam over the terms of the Presidency he was given.
However, they appear to refer to that case by saying no provision is made in the accounts as they 'are advised that the claim is misconceived.'
Hammam fell out with Tan and is believed to be arguing the role created for him was part of the agreement to end the historical Langston loan notes debt.
Cardiff's charismatic former owner retains a huge interest in the fortunes of the club and follows the matches.
Giving his expert take on the accounts, Cardiff City Supporters Trust chairman Keith Morgan said: "In terms of liabilities , the club owed £109.5m which was technically repayable by 31 May 2022.
"However, this total included £61m of loans from Vincent Tan and £20.8m of loans from directors and other connected parties.
"During the year Vincent Tan provided new loans to the club of £16m and was repaid £1m. As a result, the debt due to him went up by £15m. Of the £61m total which was due, £38.7m was interest bearing at 7% p.a. and £22.3m non-interest bearing.
"Since the year end he has converted £6.6m of this debt into shares.
"The club has an undertaking (not legally binding) that he will continue his financial support for the club for at least 12 months after the date the accounts were signed off – i.e. until at least the end of February 2023."
Are you happy with Vincent Tan's support for the club? Have your own say in our comments section below
