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

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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.

La Liga & Serie A: Video replay used in Juve win, Atleti draws

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A roundup of Saturday’s action from around Spain and Italy’s top flights…

[ MORE: PL roundup — United rolls past Swansea, Arsenal falls to Stoke ]

Girona 2-2 Atletico Madrid

Everything that could go wrong did on Saturday for Atletico Madrid, but it was Girona’s gain as the promotion side began its La Liga journey with a draw. A first-half brace from Cristhian Stuani gave the hosts a 2-0 lead inside the opening 25 minutes, and from there, matters were made worse for Atleti when Antoine Griezmann was sent off in the 67th minute after picking up a second yellow card. Angel Correa pulled a goal back with 12 minutes remaining for Diego Simeone’s side, while Jose Gimenez tied the match in the 85th minute.

Celta Vigo 2-3 Real Sociedad

Future LA FC forward Carlos Vela played a key role for Real Sociedad in their comeback win over Celta Vigo. The Mexican international drew a penalty kick with two minutes to play in regulation, before Willian Jose buried the ensuing spot kick to give Sociedad the victory. Celta Vigo led at home twice on Saturday, but the visitors showed their resiliency, scoring twice in the final 10 minutes of play.

Sevilla 1-1 Espanyol

Clement Lenglet and Léo Baptistão scored on the afternoon in the draw, and despite Sevilla’s overwhelming possession the hosts couldn’t muster up enough to secure three points in the opener. The home side was reduced to 10 men with under 10 minutes remaining as well when second-half substitute Ever Banega was sent off.

Sunday’s La Liga schedule

Athletic Bilbao vs. Getafe — 12:15 p.m. ET
Barcelona vs. Real Betis — 2:15 p.m. ET
Deportivo La Coruna vs. Real Madrid — 4:15 p.m. ET


Juventus 3-0 Cagliari

Everything was status quo for Juventus as they kicked off another season in Serie A as the reigning Italian champions. The Bianconeri controlled the flow of play throughout the match, limiting Cagliari to just two chances on target. Mario Mandzukic and Paulo Dybala struck in the first half to put Juve up 2-0 at the break, while Gonzalo Higuain tacked on a third finish in the second stanza.

Cagliari’s best chance came when Duje Cop was taken down in the box, prompting referee Fabio Maresca to utilize VAR for the first time in a Serie A match. After mulling the decision for a moment, Maresca pointed to the penalty spot, but Diego Farias’ attempt was saved by Gianluigi Buffon.

Hellas Verona 1-3 Napoli

Napoli boasted one of the top attacks in Europe last season, and the club didn’t waste any time in picking up where they left off. An own goal kicked things off for Napoli in the first half, before Arkadiusz Milik and Faouzi Ghoulam put the finishing touches on the match. Meanwhile, a late red card from Elseid Hysaj allowed Hellas to score their lone goal of the afternoon through Giampaolo Pazzini’s penalty finish.

Sunday’s Serie A schedule

Atalanta vs. Roma — 12 p.m. ET
Bologna vs. Torino — 2:45 p.m. ET
Crotone vs. AC Milan — 2:45 p.m. ET
Inter Milan vs. Fiorentina — 2:45 p.m. ET
Lazio vs. SPAL — 2:45 p.m. ET
Sampdoria vs. Benevento — 2:45 p.m. ET
Sassuolo vs. Genoa — 2:45 p.m. ET
Udinese vs. Chievo Verona — 2:45 p.m. ET

Transfer rumor roundup: Mbappe to PSG? Torino rejects Belotti bid from Chelsea

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Although all the major European leagues have all kicked off, the transfer rumors continue to swirl as the window closes in on deadline day.

[ MORE: PL Sunday preview — Chelsea meets Spurs in early London derby ]

In another twist that could make Paris Saint-Germain clear favorites to win the UEFA Champions League, the French giants appear close to signing Monaco teenage sensation Kylian Mbappe.

While PSG remains under UEFA’s microscope for the club’s unwillingness to obey Financial Fair Play laws, the Parisians have launched a $211 million bid for Mbappe, according to Mundo Deportivo.


Chelsea continues to look for more options up front, but their latest attempt at poaching one of Italy’s brightest strikers has failed.

Torino has reportedly declined Chelsea’s $74 million bid for Andrea Belotti, with the Serie A side unwilling to part ways with the 23-year-old unless a team meets his $103 million release clause.

The Blues have already added Alvaro Morata this transfer window in the wake of the Diego Costa saga, while Michy Batshuayi is also in the Chelsea squad.


West Brom is playing hard to get with defender Jonny Evans, and Manchester City will have to fork up more money if they want the Northern Ireland veteran.

The Baggies are reportedly seeking over $41 million for Evans, as the Citizens continue to spend at a lightning pace during this transfer window.

[ MORE: Saturday PL roundup — Man United rolls, Arsenal falls at Stoke ]

Manager Pep Guardiola and Co. have already added the likes of Kyle Walker and Benjamin Mendy at the back, while Bernardo Silva has been thrust into the team’s attack.

Steven Gerrard bashes Arsenal following Saturday’s defeat

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Steven Gerrard may no longer play against Arsenal on the pitch, but the former Liverpool midfielder wasn’t shy with his words on Saturday about the Gunners following the club’s 1-0 defeat at Stoke City.

[ MORE: PL roundup — Man United rolls, Arsenal stumbles at Stoke ]

The ex-Reds skipper — turned BT Sport pundit — went off on Arsene Wenger‘s side after the loss, and stated that the London side cannot be considered Premier League title contenders.

“They don’t compete well enough, they’re not solid enough, they’re wide open to counter attacks,” Gerrard said. “They got away with one here, it was a fantastic save from Petr Cech.

“You see it here on the edge of the box, one missed tackle, then he drives into the midfield, (Hector) Bellerin’s late on the press, (Alex) Oxlade-Chamberlain’s tackle is weak, (Granit) Xhaka doesn’t want to know and he skips past Bellerin again.”

Gerrard was describing the build up to Stoke’s lone goal on the day, which came through loanee Jese Rodriguez less than two minutes into the second half.

The Gunners, who conceded last three a week ago in their wild 4-3 victory over Leicester City, have looked shaky defensively through their first two outings, and Gerrard believes that the club can ill-afford to continue this way when they face the PL’s elite.

“It’s just weak defending and against better opposition they would get punished for this like Leicester did last week,” Gerrard continued.

“To be a top team and to compete for this Premier League, you have to be really good in possession and Arsenal are, they’re a fantastic team.

“But to be a top, top side you have to compete out of possession, you have to be horrible to play against. Arsenal are too easy to play against.”

[ MORE: Atletico closing on $52 million deal for  Chelsea’s Diego Costa ]

Arsenal’s next time out will be against Gerrard’s former club, Liverpool, next Sunday.

PL Sunday preview: Chelsea, Spurs clash in early London derby

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Manchester United continued its strong early-season impression on the Premier League on Saturday, but Sunday’s slate of matches features two of last year’s elite meeting at Wembley Stadium.

[ MORE: Man United runs rampant on Swansea in victory ]

Tottenham and Chelsea will clash in their first London derby of 2017/18 at the historic ground, while a meeting between two promotion sides precedes the encounter.

[ FOLLOW: All of PST’s PL coverage ]


Huddersfield Town vs. Newcastle United — 8:30 a.m. ET on NBCSN

In the first clash this season between newcomers, Huddersfield will go for its second consecutive win as David Wagner‘s side plays host to Newcastle.

The Terriers kicked off their ’17/’18 campaign in style last Saturday with a 3-0 win over Crystal Palace, and the side looked quite dominant for most of the match.

Newcastle saw their fortunes change drastically against Tottenham after Jonjo Shelvey was sent off after halftime. The Magpies struggled to handle the talent of Spurs after the sending off, conceding twice after Shelvey’s dismissal.

Joselu could also make his debut for Newcastle on Sunday after joining the club from Stoke this summer.

Tottenham Hotspur vs. Chelsea — 11 a.m. ET on NBCSN

Antonio Conte‘s second season in the Premier League began with an anything but ideal result last weekend as Chelsea fell to Burnley, 3-2, at Stamford Bridge.

To make matters worse, red cards for Gary Cahill and Cesc Fabregas rule the two players out for Sunday’s clash against Spurs. With Eden Hazard and Pedro still likely to miss the match due to injury, Chelsea does have some good news as Victor Moses returns from suspension and Tiemoue Bakayoko could make his PL debut — although it will likely come off the bench.

New striker Alvaro Morata looks to build off of his goal and an assist performance from last weekend up front, and the Spaniard could very well start for Chelsea after coming off the bench against Burnley.

Meanwhile, Spurs looks to build off of its victory against Newcastle last weekend, which featured goals from Dele Alli and Ben Davies.

Mauricio Pochettino‘s side went out and made their first major signing of the summer this week with the acquisition of Ajax defender Davinson Sanchez, and the Argentine manager says his club isn’t done adding players.