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Bluebirds saved from loan crisis Bluebirds saved from loan crisis
(about 1 hour later)
Cardiff City Football Club has been saved from a financial crisis after a High Court judge rejected a bank's bid to force it to repay £24m in loans.Cardiff City Football Club has been saved from a financial crisis after a High Court judge rejected a bank's bid to force it to repay £24m in loans.
Swiss investment bank Langston is suing the club over the loan and had sought "summary judgment" - meaning the club should pay up now.Swiss investment bank Langston is suing the club over the loan and had sought "summary judgment" - meaning the club should pay up now.
But Mr Justice Briggs, sitting in London, dismissed the claim.But Mr Justice Briggs, sitting in London, dismissed the claim.
As a result, the case will go forward to a full trial of the complex issues involved. As a result, the case could now go forward to a full trial if both sides can not resolve the issues.
Cardiff's former chairman Sam Hammam has been named by the club's barrister as the man behind Langston.Cardiff's former chairman Sam Hammam has been named by the club's barrister as the man behind Langston.
Appeal Peter Ridsdale, Mr Hammam's successor at the club, said he was "relieved" and pleased with the result.
I sincerely hope they will sit around the table and realise that an amicable situation is the only way forward for both parties Peter Ridsdale, Cardiff City chairman
"We feel that the actions over the past few months have been strangling the club and have been unnecessary," he added.
Langston wanted £24m of a total £31m in loans to be repaid immediately.Langston wanted £24m of a total £31m in loans to be repaid immediately.
However, the FA Cup contenders claimed the loan is not repayable until 2016 and it could face an uncertain future if it lost the case.However, the FA Cup contenders claimed the loan is not repayable until 2016 and it could face an uncertain future if it lost the case.
The judge said the case was "clearly unsuitable for summary determination".The judge said the case was "clearly unsuitable for summary determination".
He also refused Langston permission to appeal to the Court of Appeal. A two-month delay on any trial has been agreed in the hope that it can now be resolved without the need for further court action.
The judge was invited by both sides in the dispute to delay the full hearing of the case for two months in the hope that it can now be resolved without the need for further court action. 'Amicable conclusion'
Speaking after the hearing, Mr Ridsdale said: "I sincerely hope they will sit around the table and realise that an amicable situation is the only way forward for both parties."
The club's counsel, David Wolfson, said: "It has always been the club's aim to reach a settlement without incurring further legal costs and, over the next two months, we hope very much to do that so we can concentrate on matters on the field where, I'm glad to say, we have enjoyed some success."
Sam Hammam was named as behind LangstonSam Hammam was named as behind Langston
The judge extended the time limit for Langston to renew its application for permission to appeal to the Court of Appeal until June 10.
Langston will now have to pay the agreed costs incurred by Cardiff City in contesting the summary judgment application after the judge refused to delay payment pending any renewed application for leave to appeal.
The ruling comes at a crucial time for the Championship club, who face Barnsley in the FA Cup semi-final at Wembley on 6 April.The ruling comes at a crucial time for the Championship club, who face Barnsley in the FA Cup semi-final at Wembley on 6 April.
Chairman Peter Ridsdale, who succeeded Mr Hammam, has said administration would be a realistic scenario if the club lost the case. Mr Ridsdale had said administration would be a realistic scenario if the club lost the case.
That would lead to an automatic 10-point deduction which would threaten the club with relegation and affect plans for a new stadium near their Ninian Park ground.That would lead to an automatic 10-point deduction which would threaten the club with relegation and affect plans for a new stadium near their Ninian Park ground.
Langston's counsel, Michael Driscoll QC, had told the court it was common ground that the investment bank was a substantial creditor of the club and that the debt owed to it was in excess of £15 million. Langston's counsel, Michael Driscoll QC, had told the court it was common ground that the investment bank was a substantial creditor of the club and that the debt owed to it was in excess of £15m.
It was also common ground that Langston loaned £24 million to the club in 2004, and it had yet to be repaid anything. It was also common ground that Langston loaned £24m to the club in 2004, and it had yet to be repaid anything.
It was the club's case that nothing was payable at the moment.