Cardiff lose £11m and remain reliant on owner Tan

Cardiff City recorded pre-tax losses of £11.66m in its last financial year, covering the 2023-24 season, with new accounts showing further support from owner Vincent Tan.

But the Championship side's latest financial results were boosted by £12m after selling a percentage share of a potential "proceeds from a litigation claim made by the club".

Cardiff did not name the case specifically, but has been involved in a long-running legal dispute with French club Nantes over the death of Emiliano Sala.

The Bluebirds previously filed a complaint in a French court claiming losses of more than £100m following the striker's death in a plane crash in January 2019. The 28-year-old had been travelling to south Wales to complete a £15m transfer from Nantes. The case is expected to be heard this summer.

In a statement on the accounts on the club's website, signed by chairman Mehmet Dalman and finance director Philip Jenkins, they say the £12m received is "non-refundable and not dependant on the ultimate outcome of the litigation case itself".

Cardiff had previously settled a High Court case with an insurance firm in connection with Sala's death, with these latest accounts showing an unnamed "settlement arising from a contractual dispute" to the value of £5.57m.

Elsewhere, the club's turnover fell by more than £3m and increased investment into the playing squad.

With the player wage bill up by 40% to £19.9m, it resulted in an operating loss of just under £10m – down by £1.1m compared to the previous year – with the club again detailing reliance on the ongoing support of majority shareholder Tan.

The Malaysian backer, who took control of Cardiff in 2010, added another £11.83m worth of loans, bringing the total owed to the businessman to around £68m.

The club says that, as previously, the loans will be written off or converted to equity, while interest is also being waived. Tan has also provided a written commitment outlining his ongoing support, without which the club admits its future "would look much more precarious".

Loans from directors and other connected parties have also increased by an additional £11m, taking the total to £40.3m.

Other outgoings included £1.13m on the club's academy which saw a new base open at the start of last season, with further investment planned.

The club also confirmed an initial £1.6m payment as part of the investment into a new training ground, including the signing of a 150-year lease with Vale of Glamorgan Council for the 42-acre site, with construction expected to start this summer in readiness for the 2026-27 season.

The club says such investment – including the increase in spending on the first-team squad – will help put it on a "more stable, stronger footing for the future".