Cardiff City to reach an agreement to clear their £24m (€27.8m) debt

Cardiff City FC (promoted to the Premier League for the 2013/14 season) have announced an "amicable resolution" to the club's £24m (€27.8m) debt with Swiss-based creditors Langston Corporation, on the 22/07/2013. The debt owed to Langston is from a loan taken out in 2004. Langston Corporation's spokesman is former Cardiff City owner Sam Hammam, who will become honorary president.

"This settlement allows us to look to a new era of financial stability," said Cardiff's current owner, Vincent Tan, who also claimed he could convert all his loans to equity and "make the club financially much more secure and hopefully debt-free". Tan's investment in Cardiff so far stands at £120m (€139m). He is studying the possibility of floating the club on the Malaysian stock exchange.

"Cardiff need to be more transparent about the arrangement to explain to fans what exactly has been agreed." said Tim Hartley, chairman of the Cardiff City Supporters Trust.