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| Cardiff in court over £24m loan | |
| (about 10 hours later) | |
| A Swiss bank has asked the High Court to order Cardiff City football club to repay a £24m loan. | |
| The Langston Corporation said the club failed to make payments on the loan which was arranged when Sam Hammam was Cardiff City's chairman in 2004. | |
| The bankers want the court to make a judgement in the case, arguing there is no need for a trial. | |
| The club claims the loan is not repayable until 2016 and could face an uncertain future if it loses the case. | |
| At the start of the two day hearing, Langston's counsel, Michael Driscoll QC said: "It is common ground that the claimant loaned £24m to the club in 2004 and is yet to be repaid. | |
| "The club says that nothing is to be repaid at this time, and the question is whether there is enough in what the club says to justify this case going to trial. | |
| "The claimant says that there is nothing in what the club has said." | |
| Cardiff claims a variation to the loan agreement in 2006 means the loan is not repayable for another eight years. | |
| The judge, Mr Justice Michael Briggs, must decide whether he is able to issue a summary judgement ordering the immediate repayment of the £24m, or if the case should go to a full trial. | |
| The judge is expected to reserve his decision before ruling in writing at a later date. | |
| If we were to lose we would go straight into administration - it's a straightforward situation Peter Ridsdale, chairman Cardiff City FC | If we were to lose we would go straight into administration - it's a straightforward situation Peter Ridsdale, chairman Cardiff City FC |
| The Championship club is due to play Barnsley in Wembley stadium in April as FA Cup semi-finalists, but its chairman Peter Ridsdale has said administration would be a realistic scenario should it fail to win the case. | The Championship club is due to play Barnsley in Wembley stadium in April as FA Cup semi-finalists, but its chairman Peter Ridsdale has said administration would be a realistic scenario should it fail to win the case. |
| This could result in an automatic points deduction and damage their hopes of building a new stadium on the outskirts of Cardiff. | This could result in an automatic points deduction and damage their hopes of building a new stadium on the outskirts of Cardiff. |
| Speaking before the hearing, Mr Ridsdale said: "If we were to lose we would go straight into administration - it's a straightforward situation. | |
| "The club's Championship status would be determined by the amount of points we collect come the end of the season, minus 10. | "The club's Championship status would be determined by the amount of points we collect come the end of the season, minus 10. |
| "In terms of the stadium, it would depend who buys the football club and whether they prove to be an acceptable partner for the council and whether they have got enough money to finish the stadium off, which would probably be about £20m." | "In terms of the stadium, it would depend who buys the football club and whether they prove to be an acceptable partner for the council and whether they have got enough money to finish the stadium off, which would probably be about £20m." |