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SBD Global/July 25, 2013/Franchises

EPL Side Cardiff City FC Reaches Deal To Settle Long-Standing Debt With Langston

EPL side Cardiff City FC Owner Vincent Tan said that the team "has reached a deal over its long-standing debt with Langston," according to Nick Servini of the BBC. The debt to Langston -- whose spokesperson is former Cardiff City Owner Sam Hammam -- was taken out in '04, and is thought to be about £24M ($37M). Tan has previously said that an agreement with Langston "would pave the way to the club becoming debt-free" (BBC, 7/23). The BBC's Mai Davies reported Cardiff City fans "are calling on the club's owner to reveal more details about a deal to settle £24M in debts to creditors" Langston Corp. Trust Chair Tim Hartley said that "more transparency was needed about the arrangement to explain to fans what exactly has been agreed" (BBC, 7/23).

BRIGHT FUTURE: WALES ONLINE's Carl Curtis commented Tan and Hammam reached agreement and "suddenly the future looks bright." There are those who "will argue against Sam returning, but he is back as life president and overall the deal paves the way towards a debt-free club." A long-standing debt "has finally been resolved." That is "a reason to celebrate." Tan made promises when he rebranded the club and so far "he is delivering." Tan has helped the club to achieved EPL status, work will start on the stadium expansion in October a brand new training ground facility is on the way and now he has settled a large debt (WALES ONLINE, 7/24).
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