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Trust
Chair Keith Morgan

Trust chair Keith Morgan provides a breakdown of the latest Cardiff City accounts for the year ended May 31, 2025.

Introduction

As has been the case for a number of years I have had the opportunity to read, review and comment on the audited accounts on the understanding that the commentary is held under strict embargo until the accounts are formally published on the Companies House register.

It should be stressed that, although the commentary has been discussed with the club at a senior level to check for any factual errors that it might otherwise have contained, it is a report which has been created and the opinions expressed on it are both entirely independent of the club.

The audited accounts were signed off by the independent auditors and the club’s board of directors on January 16, 2026.

Key Matters

The reported operating loss of £28.1m compares to that of £27.7m reported in the previous year. However, the net loss after tax rose very significantly to £35.1m from the far lower figure of £12.0m in the previous year.

The main reason for this is that the 2024 figures included a very large exceptional “one-off” figure of £18.4m which included £12.0m from the sale of a part share of any successful recovery from the ongoing legal case against FC Nantes and £5.7m from a settlement of a contractual dispute. Without those exceptional items, the net loss for 2024 would have been £30.4m.

Clearly, the level of net losses being incurred is not sustainable over time going forward and is a matter of urgency to be dealt with by the club owner and directors.

In the current season some evidence of how this has started to be dealt with is referred to in the accounts with a substantial reduction in squad numbers and consequent reduction in player salary costs. The requirement for this became even more necessary following the clubs relegation from the Championship last season as media and other income dropped by around £10m. Savings to recover some of this lost income were made by relegation clauses included in existing player contracts.

Promotion back to the Championship as soon as possible is therefore a key financial priority as well as a footballing one.

Despite the very negative financial figures there are a few other more positive factors :

1. The club has remained compliant with the EFL Profitability and Sustainability (P&S) requirements whilst a Championship club and remains compliant with the Salary Cap Management Protocol (SCMP ) which is the alternative requirement as a League 1 club.

2.It is hugely important the club continues to receive the financial backing of its majority shareholder Tan Sri Vincent Tan. While he has received a lot of criticism from registered fan groups and individual fans (in many cases justifiably) the unavoidable fact is that, without that financial support, there is a strong likelihood that we fans would not have a club to support at this level as it probably would have “gone bust” without such support.

3. The independent auditors have agreed that the club remains a “going concern” with the above financial support, which has been committed to for at least until January 2027.

Balance Sheet Debts

Total net current liabilities as at May 31, 2025 were £161.5m, a worryingly high figure in normal circumstances.
However, £97m of this is due to Tan Sri Vincent Tan and a further £37.3m due to a business in which club Chair Mehmet Dalman has a significant interest. Other liabilities are relatively small in comparison.

Between the balance sheet date of May 31, 2025 and the date the accounts were signed off £19.1m of new cash was put in to the club as a cash injection, such amounts being neither interest bearing or with any requirement to repay.

Prior Year Adjustments

There are several references in the accounts to adjustments made to the previously reported accounts which were approved at the time by the Independent Auditors.

These are primarily changes to the way some transactions were disclosed which have now been amended by the same audit firm that previously certified them as being correct but have now been adjusted by a different audit partner to the previous ones.

I have no access to correspondence on this but I have a strong personal opinion that the late change of audit partner taking a different view to her predecessors and requiring lots of adjustments to the accounts may well have been a significant factor in the club submitting its accounts slightly late after the December 31, deadline.

Conclusions

The club needs to take urgent and significant action to stem the rate of financial losses being incurred.Promotion back to the Championship is vital financially as well as from a football aspect The ongoing financial support from Tan Sri Vincent Tan is crucial.

And Finally..

Please note: The commentary does not comprise a line by line analysis of the accounts but is intended to cover the key messages.

TONIGHT’S the night for the fundraiser in aid of the Don Murray GoFund Me Appeal for ongoing care

The prizes confirmed include a framed Cardiff City children/young person’s shirt from the 1970/80s, a signed Wales football from 2012-13, signed by players on sheets of paper with full authentication along with a match programme, an in-demand Cardiff City Leekes shirt and a framed Geraint Thomas print following his Tour de France success. There is also a signed Cardiff City 2025-26 shirt and Match Ticket. Smaller prizes confirmed include bottles of alcohol.

The Trust would like to thank Chris ‘Snowy’ Insole, who runs the Rose & Crown pub in Pontypridd and Mike Spear, vice chair of the Trust, for the memorabilia donations and the club for the signed shirt and tickets.

The Don Murray appeal aims to raise £26,000 to help with Don’s ongoing care in his battle with Lewy Body Dementia.

Nine former Cardiff City players Roger Gibbins, Jimmy Mullen, Terry Boyle, Lee Jarman, Tarki Micallef, Chris Pike, Paul and David Giles and Gary Bell, who played in the famous Real Madrid game in 1971 alongside Don Murray. Also attending will be Professor Len Noakes, club medical director. Former BBC Wales Soccer Correspondent Rob Phillips will be asking the questions.

Later in the evening there will be a Q&A with the Trust Board.

The evening takes place in the Premier Lounge at the Cardiff City Stadium next Thursday (26th February). Doors open 6.30pm, Start 7pm.

There is no entry fee but all those attending should make a minimum £5 contribution to the raffle with all monies raised going to the Don Murray Appeal.

The event is open to everyone, 

Everyone intending to attend should register their attendance by emailing members@ccfctrust.org or texting by Mike Spear on 07903 188141 to confirm attendance.

PRIZES GALORE.The Trust is delighted to announce that we’ve got some fantastic raffle prizes for Thursday evening’s fundraiser in aid of the Don Murray GoFund Me Appeal.

The prizes confirmed so far include a framed Cardiff City children/young person’s shirt from the 1970/80s, a signed Wales football from 2012-13, signed by players on sheets of paper with full authentication along with a match programme, an in-demand Cardiff City Leekes shirt and a framed Geraint Thomas print following his Tour de France success. There is also a signed Cardiff City 2025-26 shirt and Match Ticket. Smaller prizes confirmed include bottles of alcohol.

The Trust would like to thank Chris ‘Snowy’ Insole, who runs the Rose & Crown pub in Pontypridd and Mike Spear, vice chair of the Trust, for the memorabilia donations and the club for the signed shirt and tickets.

The Don Murray appeal aims to raise £26,000 to help with Don’s ongoing care in his battle with Lewy Body Dementia.

Nine former Cardiff City players Roger Gibbins, Jimmy Mullen, Terry Boyle, Lee Jarman, Tarki Micallef, Chris Pike, Paul and David Giles and Gary Bell, who played in the famous Real Madrid game in 1971 alongside Don Murray. Also attending will be Professor Len Noakes, club medical director. Former BBC Wales Soccer Correspondent Rob Phillips will be asking the questions.

Later in the evening there will be a Q&A with the Trust Board.

The evening takes place in the Premier Lounge at the Cardiff City Stadium next Thursday (26th February). Doors open 6.30pm, Start 7pm.

There is no entry fee but all those attending should make a minimum £5 contribution to the raffle with all monies raised going to the Don Murray Appeal.

The event is open to everyone, Trust and non-Trust members and fans can also sign up as Trust members on the night.

Everyone intending to attend should register their attendance by emailing members@ccfctrust.org or texting Mike Spear on 07903 188141 to confirm attendance.

The great Don Murray

We’re delighted to announce that three more former Bluebirds have been confirmed for the Trust evening next Thursday, which includes a super raffle in aid of the Don Murray GoFund Appeal to help with his care.

Chris Pike, David and Paul Giles have all confirmed their attendance bringing the total of ex-players scheduled to attend up to nine.

Confirmed earlier are Roger Gibbins, Jimmy Mullen, Terry Boyle, Lee Jarman, Tarki Micallef and Gary Bell, who played in the famous Real Madrid game in 1971 alongside Don Murray. Also attending will be Professor Len Noakes, club medical director.

Former BBC Wales Soccer Correspondent Rob Phillips will be asking the questions.

Later in the evening there will be a Q&A with the Trust Board.

The evening takes place in the Premier Lounge at the Cardiff City Stadium next Thursday (26th February). Doors open 6.30pm, Start 7pm.

There is no entry fee but all those attending should make a minimum £5 contribution to the raffle with all monies raised going to the Don Murray Appeal.

The event is open to everyone, Trust and non-Trust members and fans can also sign up as Trust members on the night.

Everyone intending to attend should register their attendance by emailing members@ccfctrust.org

The great Don Murray

We are delighted to announce a cracking line-up of former Bluebirds players that will be in attendance for the Trust evening at the Cardiff City Stadium on Thursday, February 26th.

They will be Roger Gibbins, Jimmy Mullen, Terry Boyle, Lee Jarman, Tarki Micallef and Gary Bell, who played in the famous Real Madrid game in 1971 alongside Don Murray. Also attending will be Professor Len Noakes, club medical director.

The evening will start with a Q&A with the players with former BBC Wales Soccer Correspondent Rob Phillips asking the questions.

Afterwards there will be a opportunity for the audience to quiz members of the Trust board.

The Trust is also organising a raffle in aid of the Don Murray GoFund Appeal https://www.gofundme.com/f/don-murrays-lewy-body-dementia-care-fund which aims to raise £26,000 to help with Don’s ongoing care in his battle with Lewy Body Dementia.

The evening will take place in the Premier Lounge at the Cardiff City Stadium on Thursday, 26th February. Doors open 6.30pm, Start 7pm.

There is no entry fee but all those attended should make a minimum £5 contribution to the raffle with all monies raised going to the Don Murray appeal.