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Towards the end of May, Cardiff City Football Club (Holdings) Limited sent out a letter to shareholders advising that they were applying to increase its authorised share capital by £75m. This was not an actual share issue but a facility to give “headroom” to allow for new shares to be issued at a future date.

At the beginning of June , I became aware that an actual share issue of £42m had actually taken place on 31 May 2026 (i.e in the accounting period 2025/26) and was subscribed to by owner Vincent Tan which he used to convert £42m of the debt owed to him in the accounts into shares. I had been awaiting filing of the required paperwork on the public register at Companies House before disclosing this but, due to a filing backlog at Companies House, this had not happened in the period between lodging the paperwork on 6 June and the evening of the Trust Annual General meeting on 12 June. Therefore, with the club`s knowledge, I advised Trust members of the position at the AGM.

As a consequence of the above transaction, the club has advised the media and myself that the total debt due to Vincent Tan was reduced to £55m. Although this large debt is still owing the reduction of £42m represents a huge reduction in debt levels and is a significant step in the previous pledge by the owner to eventually leave the club debt free.

It should be noted that this debt to equity move has no impact on Financial Fair Play issues as it has no impact on turnover levels by which the club is monitored under these restrictions. What it does do is have a major impact on the balance sheet and reduce the level of debt which might otherwise have to be repaid at a future date.

Keith Morgan
Chairman
CCST

The CCFC Veteran’s Hub will be holding their Annual Volunteer day at the Stadium Memorial Garden on 7th July. All CCST members are welcome to help out with this great project.

We are pleased to announce the result of elections to the board of Cardiff City Supporters’ Trust.

The votes cast and certified by an independent scrutineer are as follows:

Tim Banks 144

Paul Clements 81

Jonny Lee 67

Keith Morgan 157

Rhys Stoneham-Bunce 110

Jeremy Williams 139

Tim Banks, Keith Morgan, Rhys Stoneham-Bunce and Jeremy Williams are elected, subject to formal ratification at the Trust Annual General Meeting on Friday evening.

Congratulations to those elected and a special welcome to new board member Rhys Stoneham-Bunce. Commiserations go to the unsuccessful candidates.

• Please come along to Friday’s AGM at the Cardiff City Stadium which will include a soccer chat roadshow with City legend Jason Perry and former BBC Wales soccer commentator, Rob Phillips. It should be a great night. If you intend coming along – and haven’t told us already – please email members@ccfctrust.org
• Those unable to attend can vote on the resolutions via the email link set up for that purpose – resolutions@ccfctrust.org. Please do so, if you’re able. Full details of the resolutions can be viewed https://www.ccfctrust.org/wp-content/uploads/2026/06/CCST-AGM-RESOLUTIONS-June-2026.pdf

Just a reminder to Trust members about details of Friday’s Trust AGM.

Doors open at 6.30pm for a prompt start at 7pm on Level 3 at the Cardiff City Stadium.

The football chat roadshow with Jason Perry and Rob Phillips will start at around 8pm.

Also members who cannot attend in person can give their instructions to the chair of the meeting on the resolutions by emailing (before the meeting) resolutions@ccfctrust.org

The full details of the resolutions and related explanations can be found at  https://www.ccfctrust.org/wp-content/uploads/2026/06/CCST-AGM-RESOLUTIONS-June-2026.pdf

Due to there being resolutions that need to be passed or rejected by the membership, there will be, unfortunately, no scope for members to bring guests this year.

Trust chair Keith Morgan pictured with Rob Phillips and Jason Perry

We’re delighted that Bluebirds legend Jason Perry and former BBC Wales soccer commentator Rob Phillips will once again head up a roadshow after our AGM on Friday next (June 12).

This year, for the first time after quite a while, it should be a positive message from the boys after promotion from League One to The Championship at the first time of asking.

Recent past roadshows have seen Jason and Rob warning about the running of the club as our Championship performances deteriorated.

So now we can look forward to Jason and Rob giving their expert views on manager Brian Barry-Murphy and the club’s prospect for season 2026-27.

The AGM takes place at the Cardiff City Stadium. Doors will open at 6.30pm and the popular chat with Jason and Rob will follow the Trust AGM which starts at 7pm.

Trust chair Keith Morgan said: “Once again Jason and Rob are giving up their time and fronting our fans’ forum and we are very grateful for their continued support.
“We had high hopes going into the 2024-25 season which was our club’s 125th anniversary. Sadly, things ended very badly with relegation but following the change of management we immediately returned to The Championship.

“Members will want to know Jason and Rob’s views on Cardiff City going forward, including the type of players the club should be aiming to sign.”