Cardiff owner Vincent Tan has revealed he intends to reduce the club's debts owed to him by more than £60million in this year's accounts.
Tan, who acquired the Welsh outfit in 2010, announced at a Q&A session at the Cardiff City Stadium on Thursday that he wrote off £13million of monies owed to him last year and will continue to convert further debt into equity.
Cardiff were reportedly staring into a £174million financial hole following their relegation from the Premier League in 2014 but now Malaysian businessman Tan has the tentative aim of making the club debt-free by 2021.
"I think over the last two years, I've converted some loans to equity and then we wrote off some of my debts. Last year we wrote off (£13million). I think officially the club owes me £107million," he told the Q&A session.
"I've decided that, in this year's accounts, I'm going to convert £60million into shares, into equity, and that will leave about £47million of debts.
"I'm converting £60million because we have resolved with a long outstanding creditor, who took us to court and said nasty things about us. He is the luckiest man in the football world that Vincent Tan came to Cardiff; frankly, I don't think he deserved it. I don't mention his name, I don't even want to mention his name – it would spoil my day to mention his name.
"I was too nice, too generous and I don't feel good at all. I don't want to mention his name at all; from now until forever.
"We have had so many problems to deal with and I'm that kind of person who could have waked away after £50million but I feel a sense of responsibility and also I want to carry my country's name well.
"I don't want to rubbish my country's name and just come in and walk away. There'll be a day when I leave and I hope and pray that I leave it in good hands."
Meanwhile, Tan admitted to giving a pep talk to the Cardiff players on a recent visit to the training ground.
He is quoted by Wales Online as saying: "In every match I want to see 30 or 40 attempts on goal, at least. Just shoot from 25, 30 yards, I told them.
"What's the point of passing, passing, passing and hoping to get in the box that way?
"Unless you're Lionel Messi looking for a tap in, it's not going to work."
‘He instantly popped into our ratings as one of the best U21 midfielders in Europe. The impressive thing is Slot has made him into more of a no.6' Inside Ryan Gravenberch's transformation at Liverpool
‘I don’t think Liverpool would look at Ollie Watkins, a striker isn’t a pressing issue for them – it’s Arsenal who need one’ Former Reds star explains why his old club don’t need an out-and-out forward this summer
