Premier League Club Cardiff City Loses £30M During '12-13 Season

Latest accounts revealed EPL club Cardiff City lost £30M in the season it was "promoted to the Premier League," according to the BBC. The club's "overall debt has risen" to a £118M, with just over half, £66M, owed to Owner Vincent Tan. Cardiff Chair Mehmet Dalman said that "the club was on course to becoming debt free." He said, "We inherited a lot of debt and are in the process of paying off a lot of that debt." Dalman said that Malaysian billionaire Tan had put up to £150M into the club since '10. Debt "was being converted into shares and once the club was debt free." Dalman said that Cardiff City "would continue to build and would be in a position to sign better players." In the year ending May 31, the football club made an operating loss of £30.9M, up from almost £13M the previous season (BBC, 1/11).