Takeover will improve Cardiff finances

Cardiff will see their multi-million pound debts wiped out by the consortium which is set to complete a takeover of the club.

Club owner and chairman Sam Hammam has agreed to sell his majority shareholding in the club and will be officially replaced as chairman within the next 48 hours by his deputy Peter Ridsdale, according to Wales on Sunday.

The details of the deal were discussed and agreed at a board meeting on Friday and under the terms of the takeover, former Wimbledon chairman Hammam will step aside to be replaced by the man he brought to the club as a consultant in February last year.

The shock move is part of a massive financial restructuring of the club which will see half of their £24million debt cleared immediately with the rest being paid off within the next 12 months.

Former Leeds and Barnsley chairman Ridsdale's elevation to take control of the club will also see manager Dave Jones receive several million pounds to strengthen his promotion-chasing squad in the January transfer window.

The decision should also see the Bluebirds finally receive the green light to begin work on the proposed £30million stadium at Leckwith after years of setbacks.

Hammam accepted an honorary position as club president at the board meeting last week having agreed to give up control of the club he purchased six years ago. He originally recruited Ridsdale last year to help solve City's crippling £30million debts.

Since then the former Leeds chairman has become the driving force behind plans for the Bluebirds' new stadium and the overhaul of the club's finances to enable the club to function on a day-to-day basis.

Both Hammam and Ridsdale sat together in the director's box at Carrow Road on Saturday to watch City's 1-0 defeat to Norwich. Hammam left the ground immediately afterwards without making comment, while Ridsdale was also unavailable when contacted on Saturday night.

Team boss Dave Jones admitted he was in the dark over any potential boardroom changes, but added he did not believe it would adversely affect his players.