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Vincent Tan leaves Cardiff City debt free by 2021

Cardiff City chairman Vincent Tan has told ITV Cymru Wales he'll write-off the club's debts over the next five years by turning most of his debt into shares.

Cardiff City chairman Vincent Tan. Credit: PA

Cardiff City will be debt free by 2021 after billionaire owner Vincent Tan confirmed he will turn over £100m worth of money owed to him into shares or write-offs.

Tan, who announced the move to supporters during a visit to the capital this week, has written off £10m already over the past two months but confirmed he will imminently turn a further £68m of debt into equity to help ease the club’s financial issues.

The remaining £40m of debt will be turned into equity over the next five years at a rate of £8m a year.

It’s understood the move will almost certainly help Cardiff out of the transfer embargo imposed on them by the Football League for breaching Financial Fairplay rules, in part due to the loss of income due to their relegation from the Premier League in 2014.

'We're going to convert 68 million of the debt owing to me to equity' Tan told ITV News.

'That will leave about over 40 million. And that 40 million is necessary to leave there just to deal with down the road to help the Financial Fair Play rules.

"So, at least this goes to show that what we said we would do one day we do."

Wales to face Sweden in final friendly before Euro 2016

Sweden will be the final friendly fixture before Wales head to their first major tournament in almost 60 years. Credit: Andrew Matthews/EMPICS Sport

Wales will play Sweden away in their final friendly before Euro 2016 kicks off in June.

Chris Coleman and co will head to Stockholm's 50,000-capacity Friends Arena on Sunday 5th June, six days before the tournament kicks off. The fixture was announced by the Swedish Football Association on their website. Friendlies against Northern Ireland and Ukraine will take place next month.

Read more: Wales' pre-Euro 2016 friendlies confirmed

Wales have lost their last five games against Sweden. The two sides last met in March 2010 when Wales lost 0-1 in a friendly in Swansea.


FT: Everton 1-2 Swansea

Gylfi Sigurdsson opened the scoring in the first half. Credit: Peter Byrne/PA Wire

Swansea have got their first win in 13 games beating Everton 2-1.

First half goals from Andre Ayew and Gylfi Sigurdsson helped put the Swans in the lead in their first game with Francesco Guidolin as head coach. And the visitors managed to hold on in the second half to earn themselves their first league victory over Everton.

Final score Everton 1-2 Swansea.

Andre Ayew celebrates his first half goal. Credit: Peter Byrne/PA Wire
It was Francesco Guidolin's first game as Swansea Head Coach. Credit: Martin Rickett/EMPICS Sport

HT: Everton 1-2 Swansea

Swansea are in the lead against Everton at half time - the first time they've led at Goodison Park in the Premier League.

Gylfi Sigurdsson got the scoring underway, taking a penalty awarded after Andre Ayew was tripped in the box. Gareth Barry soon equalised for the homeside, but Ayew put the Swans back into the lead ahead of half time.

Everton 1-2 Swansea at half time.

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