Cardiff City v Everton - Premier League

Promotion-winning season saw Cardiff City absorb $47 million loss


En route to winning last year’s Championship, Cardiff City lost just over $47 million, the club’s accounts reveal. The total brings the club’s current debt to over $194 million, though the team’s place in the Premier League along with a mechanism to convert debt to shares are expected to improve the team’s financial outlook.

According club chairman Mehmet Dahlman, a place in the first division means last year’s spending can be offset by this year’s income, with the increased revenues associated with Cardiff’s Premier League status set to eliminate the club’s $194-million hole.

“If we remain in the Premier League, debt will not exist and profit will begin to accumulate,” the chairman told Welsh radio (according to the BBC), “which means better players, better football and so on.”

A big part of eliminating that debt will be current owner Vincent Tan’s willingness to accept shares in lieu of cash for investments made in the club.

“We want to get rid of the debt by converting to equity,” Dahlman said of the current $108.7 million owned Tan. Since taking over the club in 2010, Tan has put over $247 million into the team, an investment he’s willing to forgive to increase his share in the team.

“[Taking equity] means Vincent Tan will own this club 98%. And it will have no debt.”

Among the more interesting aspects of the BBC’s report are comments from Keith Morgan, an accountant who sits on the board of Cardiff’s supporters trust. Underscoring the gravity of the team’s increasing debt, Morgan concedes the situation will be fine provided Tan is willing to accept shares instead of cash. If, however, that promise doesn’t persist, “we’re knackered,” Morgan says.

In that way, Cardiff’s situation is not unlike Chelsea’s previous states, with the London club having periodically been indebted to their own owner, Roman Abramovich. Those debts, forgiven in 2007 ($1.37 billion in debt turned into equity), have never come back to haunt the Blues, who have grown into one of the world’s most affluent clubs under their owner.

On a smaller scale, Tan has had similar effects as Abramovich, the latest financial reports showing how crucial the Malaysian businessman’s investment was to securing the Bluebirds’ place in the Premier League (increasing payroll by 45 percent last season). If, however, the club ceases to provide a return on his investment — if they get relegated back to the second division — will these debts come back to haunt Cardiff City? Or will Tan seek to flip his investment before making good on his promise, saddling whomever takes his place with an obligation to the former owner?

Until that obligation is converted into shares, there’s always going to be a doubt, but while Tan remains true to his word, the much-maligned owner continues to fuel the club. Saving the team from a perpetual state of near-administration, Tan has spent to get the club to the top-level. And if the club’s management is correct, that investment will be rewarded with increased equity in a team whose value will grow with every year in the Premier League.

MLS Cup Playoffs: LA Galaxy 3-1 Real Salt Lake (video)

Los Angeles Galaxy defender Jelle Van Damme (37) congratulates forward Alan Gordon (9) for scoring against the Real Salt Lake during the first half of a knockout round MLS playoff soccer match in Carson, Calif., Wednesday, Oct. 26, 2016. (AP Photo/Alex Gallardo)
AP Photo/Alex Gallardo
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The game in 100 words (or less): The LA Galaxy are through to the conference semifinals of the MLS Cup Playoffs, where they’ll take on the Colorado Rapids beginning Sunday, for the seventh time in eight years with a 3-1 knockout-round triumph over Real Salt Lake at the StubHub Center on Wednesday. Alan Gordon put the home side ahead inside the first quarter-hour before RSL drew level seven minutes later, but Emmanuel Boateng bagged a quickfire brace to complete a pair of brilliant individual exhibitions of dribbling inside the penalty area. With Steven Gerrard unavailable and Robbie Keane only fit to feature off the bench, Bruce Arena turned to Gordon, who gave way to Keane early in the second half after picking up an injury of his own, to play the fulcrum of the Galaxy attack, and it worked to near-perfection during the opening half-hour. Landon Donovan started the game and played 87 minutes, providing the kind of defensive work rate that’s been missing up and down the flanks of LA all season. Sebastian Lletget put in a near-flawless passing performance while playing deep in midfield. Don’t look now, but those are the Galaxy’s biggest question of 2016, all just about answered as the playoffs begin. I won’t say, “I told you so” if/when they win MLS Cup 2016, but…

[ MORE: All of PST’s MLS Cup Playoffs preview coverage ]

Three Four moments that mattered

14′ — Gordon finishes from close range for 1-0 — Landon Donovan -> Giovani dos Santos -> Alan Gordon. Just like Bruce Arena drew it up in preseason midseason last month this week this morning.

21′ — Plata converts from the spot after Morales’ dive — Javier Morales was angling for a penalty from the moment he entered the penalty area. All Emmanuel Boateng had to do was look at him, and Morales was going down.

26′ — Boateng weaves through to make it 2-1 — Left. Right. Left. Right. Left. Boateng took advantage of some poor defending, and the Galaxy were back in the lead.

34′ — Boateng cuts inside, blows past his man, makes it 3-1 — There’s playing in top gear, and there’s having an extra gear that you rarely have to use because no one else on the field has it. Boateng falls into the latter category.

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Men of the match: Emmanuel Boateng

Goalscorers: Gordon (14′), Plata (21′), Boateng (26′, 34′)

MLS Cup Playoffs: Toronto FC 3-1 Philadelphia Union (video)

Sebastian Giovinco, Toronto FC
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The game in 100 words (or less): 10 years later, Toronto FC are MLS Cup Playoffs victors. For eight seasons, the playoffs eluded them altogether. Last year, they were one-and-done in embarrassing fashion at the hands of their local rivals. In 2016, it was  their year — a proclamation we’d heard plenty times before — and so far, they’ve lived up to the hype. Wednesday’s 3-1 home victory over the Philadelphia Union in the knockout round gets the monkey off the Reds’ back, but more importantly, afforded Sebastian Giovinco, who bagged a goal and an assist on the night (his second straight game with such a line), 90 more minutes of game time after missing more than a month through injuries as the regular season wound down. After 270 minutes of action, the Atomic Ant looks sharp as ever, and destined to terrorize New York City FC, whom TFC will face in the conference semifinals, beginning Sunday.

[ MORE: All of PST’s MLS Cup Playoffs preview coverage ]

Three Four moments that mattered

15′ — Atlidore feeds Giovinco for 1-0 — The first playoff goal in TFC’s 10-year history. Poor goalkeeping, ball-watching defending, terrible touches, an overhead cross, and a strike off the crossbar. There’s a lot going on here. Watch it all right here.

49′ — Osorio slams home from the corner for 2-0 — The Union have been bad at defending set pieces all season, so is it at all surprising a set-piece gaffe effectively ended their season? No, it’s not.

73′ — Bedoya puts the loose ball home for 2-1 — Speaking of failing to effectively clear a corner kick, the Union were gifted a lifeline 15 minutes before full-time.

85′ — Altidore puts it out of reach, seals it for TFC — Ken Tribbet did not have the best night a center back has ever seen. His final blunder resulted in Jozy Altidore reclaiming TFC’s two-goal lead, and ending the Union’s 2016 season.

[ FOLLOW: All of PST’s MLS coverageStandings | Stats | Schedule ]

Men of the match: Sebastian Giovinco

Goalscorers: Giovinco (15′), Osorio (49′), Bedoya (73′), Altidore (85′)

Men In Blazers podcast: Mourinho’s Chelsea return; Bradley’s 1st point

Men In Blazers
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Rog and Davo break down Jose Mourinho’s return to Chelsea with Manchester United, another stumble for Manchester City and Bob Bradley’s first Premier League point.

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VIDEO: Altidore, Giovinco combine for TFC’s first-ever playoff goal

Sebastian Giovinco
Chris Young/The Associated Press via AP
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It’s been 10 years in the making, and Toronto FC finally have their first-ever goal in the MLS Cup Playoffs.

[ MORE: All of PST’s MLS Cup Playoffs preview coverage ]

After failing to qualify for the playoffs in each of their first eight seasons, 2015 saw the Reds venture into the postseason for the first time ever, only to be thumped in the knockout round, 3-0, by their 401 derby rival Montreal Impact, of all sides.

This is the year, though, or so we’ve said and been told all season long. While it remains to be seen how deep of a run TFC can muster in 2016, they’ll always have the Jozy Altidore‘s terrible first touch; Altidore’s wayward second and third touches; Altidore’s overhead cross; and Sebastian Giovinco’s strike, all of which you can watch in all its hilarity glory below.

[ MORE: Power rankings — Playoffs edition | MLS Cup predictions ]