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| Cardiff set out new stadium plans | Cardiff set out new stadium plans |
| (10 minutes later) | |
| Chairman Peter Ridsdale says Cardiff's new 30,000-seat stadium at Leckwith will be ready for December 2008. | Chairman Peter Ridsdale says Cardiff's new 30,000-seat stadium at Leckwith will be ready for December 2008. |
| The Bluebirds' new boss made the announcement after confirming that construction firm Laing O'Rourke had won the tender to build the £35m venue. | The Bluebirds' new boss made the announcement after confirming that construction firm Laing O'Rourke had won the tender to build the £35m venue. |
| Ridsdale, who wants the deal to revive his reputation, expects the council to sign off the plans next month. | Ridsdale, who wants the deal to revive his reputation, expects the council to sign off the plans next month. |
| Longer term, he hopes to float the club on the Alternative Investment Market (Aim) to deliver ownership to the fans. | Longer term, he hopes to float the club on the Alternative Investment Market (Aim) to deliver ownership to the fans. |
| The Bluebirds have not ruled out the possibility of the Cardiff Blues regional rugby side moving from their Arms Park home to ground share the new stadium. | The Bluebirds have not ruled out the possibility of the Cardiff Blues regional rugby side moving from their Arms Park home to ground share the new stadium. |
| The stadium project, which includes a 438,700 sq ft retail development on the 60-acre site, has been dogged by delays and negative publicity for many years. | The stadium project, which includes a 438,700 sq ft retail development on the 60-acre site, has been dogged by delays and negative publicity for many years. |
| Cardiff City council have been reluctant to give the project the go-ahead until the Bluebirds could provide assurances over the viability of their proposals. | Cardiff City council have been reluctant to give the project the go-ahead until the Bluebirds could provide assurances over the viability of their proposals. |
| "We expect the council to sign off the plans in November, then there will be a 13-week judicial review period," Ridsdale told BBC Sport Wales. | "We expect the council to sign off the plans in November, then there will be a 13-week judicial review period," Ridsdale told BBC Sport Wales. |
| "Work should then start on knocking down the old Leckwith Athletic Stadium early in the new year, with the new stadium being started next summer. | "Work should then start on knocking down the old Leckwith Athletic Stadium early in the new year, with the new stadium being started next summer. |
| "We plan to start the 2008/9 season at Ninian Park, before moving across the road to the new venue before Christmas 2008. | |
| "Laing O'Rourke won the tender process and have a fine record, having built the Ricoh Arena and the Millennium Stadium in recent years." | |
| Ridsdale, who took over from Sam Hammam as chairman at the weekend, has brokered a deal with "two or three" London-based financial institutions who specialise in hedge funds - a process using high-risk techniques in an effort to make extraordinary capital gains. | Ridsdale, who took over from Sam Hammam as chairman at the weekend, has brokered a deal with "two or three" London-based financial institutions who specialise in hedge funds - a process using high-risk techniques in an effort to make extraordinary capital gains. |
| They should provide an initial financial input of £12m, £9m going towards the club's £24m debt and the other £3m going to the team, currently top of the Championship. | They should provide an initial financial input of £12m, £9m going towards the club's £24m debt and the other £3m going to the team, currently top of the Championship. |
| Ridsdale says that naming rights and other revenue streams associated with the new stadium should eliminate the rest of the debt. | |
| If all goes to plan, the club will be floated on Aim within a period of two-to-five years, the time-scale dependent on success on the field. | |
| "If we can deliver Premiership football we will look to float the club on the stock market and give it back to the people and fans of Cardiff," said Ridsdale. | |
| "Such a form of investment gives the supporters the chance to have true transparency and a direct say in their club." | |
| More to follow... | More to follow... |