Cardiff City have completed a £15m deal with former owner Sam Hammam to settle the club’s historic Langston debt.
Current owner Vincent Tan last week insisted a deal with Hammam to finally settle the £24m debt was just ‘days away’
And WaelsOnline understands that deal was agreed today with the final sum being paid £15m and Hammam accepting a role at the club in an advisory capacity.
But Hammam will not be joining the City board of directors or have any influence in team affairs.
A series of talks have been held in recent months with a number of options discussed, but a place on the board for Hammam was never considered by the club.
Tan, however, has expressed his admiration for Hammam’s knowledge of football given his wealth of experience at Wimbledon and Cardiff – and the Lebanese businessman could now become an honorary life president of the Bluebirds.
Cardiff held a board meeting today after respected club director Steve Borley responded to suggestions that Hammam’s appointment in a key role was imminent.
Quizzed by fans on Twitter, Borley was asked directly if he could confirm Hammam was returning to the board, replying: “‘Not to my knowledge.”
When another supporter warned of a fans’ backlash if Hammam did make a comeback, Borley replied: “Understand mate, but I don’t see it happening.”
Malaysian billionaire Tan revealed last week that the imminent deal with Hammam would lead to him converting the money he is owed by the club into equity.
“We are talking to Sam Hammam to try and resolve the Langston issue,” Tan said during a visit to South Wales.
“I’d like to regard him as my friend from our dealings.
“We are days away from an agreement and then we can convert all the loans to equity.
“That will make us much more secure and hopefully debt free, which is good.”
Asked to confirm the timescale on any potential deal, he repeated: “We are days away, it is in Sam’s hands.”
And Hammam finally signed that deal today just weeks before City mark their return to the top tier of English football for the first time in 51 years.