This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-wales-south-east-wales-31964175
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Cardiff council writes off £4.4m Glamorgan cricket debt | Cardiff council writes off £4.4m Glamorgan cricket debt |
| (35 minutes later) | |
| A £4.4m debt owed by Glamorgan Cricket Club has been written off by Cardiff council. | A £4.4m debt owed by Glamorgan Cricket Club has been written off by Cardiff council. |
| The club had asked its main creditors, which include the council, to write off about 70% of its debts. | The club had asked its main creditors, which include the council, to write off about 70% of its debts. |
| Cabinet members discussed the proposal on Thursday. | Cabinet members discussed the proposal on Thursday. |
| The council said the redevelopment of the Swalec Stadium was part-funded by loans from creditors including themselves, with £16m owed. | The council said the redevelopment of the Swalec Stadium was part-funded by loans from creditors including themselves, with £16m owed. |
| Glamorgan asked creditors to write-off 70% of the money and interest owing and agree to a restructuring of the remaining 30%. | Glamorgan asked creditors to write-off 70% of the money and interest owing and agree to a restructuring of the remaining 30%. |
| The plan to write off £4.4m from a debt of £6.4m the club owes to the council was recommended in a report to the council's cabinet. | The plan to write off £4.4m from a debt of £6.4m the club owes to the council was recommended in a report to the council's cabinet. |
| Councillor and cabinet member Graham Hinchey said: "As with many organisations, changes to the economy had a detrimental effect on Glamorgan County Cricket Club. | Councillor and cabinet member Graham Hinchey said: "As with many organisations, changes to the economy had a detrimental effect on Glamorgan County Cricket Club. |
| 'Extremely important' | |
| "However, it is imperative that this long established sporting institution does not go into administration." | "However, it is imperative that this long established sporting institution does not go into administration." |
| Glamorgan chief executive Hugh Morris said: "The council's decision is extremely important to the club and is one of the final pieces in the jigsaw in re-negotiating our debt. | |
| "The club still faces financial challenges in the months and years ahead and we are mindful of our responsibility to develop our business to safeguard our long-term future." | |
| Glamorgan's other main creditors - Allied Irish Bank and Paul Russell - the club's former chairman, have also agreed to the restructuring proposal. | |
| The club successfully hosted an Ashes Test at the Swalec Stadium with Australia in 2009 and will host a further Ashes Test this year. | The club successfully hosted an Ashes Test at the Swalec Stadium with Australia in 2009 and will host a further Ashes Test this year. |