 | Forum
Reply | Cardiff City with big losses declared
at 12:17 28 Feb 2026
This is a post by rontom on the Cardiff forum and in my opinion is an excellent summary of the state of their finances and club.
Right, there’s a lot in that statement, so if you strip the emotion out and just look at the numbers and context, there are clear pros and cons.
First, the pros.
The big one is we’re still compliant. We met the Championship P&S rules and now the League One SCMP rules. That matters. Clubs like Derby County and Reading have shown what happens when you don’t. Points deductions, embargoes, chaos. We’ve avoided some of that.
The auditors signing off that the club is viable — with backing committed until January 2027 — is significant. Without Tan’s funding, we’re not operating at this level. That’s just reality, however people feel about him.
Relegation has forced wage cuts, squad trimming and the use of relegation clauses. Financially painful in the short term (lost £10m+ income), but structurally it may stop the wage bloat that built up in the Championship.
And finally, the £19.1m injected post year-end — non-interest bearing and not repayable. That’s effectively Tan underwriting.
Now the cons— and they’re serious.
£35.1m net loss. You can dress it up with “exceptionals” all you like, but we’re still burning around £30m a year in real terms. That is not sustainable without permanent owner subsidy.
Wages up 39% in a relegation season is indefensible from a performance point of view. Top six wage bill and relegated? That’s not bad luck — that’s strategic failure.
The debt level is the elephant in the room. £161.5m net current liabilities, with roughly £97m owed to Tan and £37.3m linked to Dalman interests. Yes, much of it is “soft debt”, but it’s still debt. We’re structurally reliant on one man’s willingness to keep covering losses.
And the prior-year audit adjustments don’t look great optically. Even if they’re technical disclosure changes, late submissions and changing audit views don’t scream stability.
As for the forum replies that I have read so far
Worcester’s point about mismanagement is fair. If you’re spending top-six money and going down, accountability sits in the boardroom as much as the dugout. Even though the man in the dugout was not up to the job, but selected by the people who are responsible for thie debt
Quakerman is right that many EFL clubs lose money — that’s the model. But we shouldn’t normalise it. Not all losses are equal. There’s a difference between controlled risk and £30m annual black holes.
SB 1927 is also right to challenge the “85%” stat. And he’s right that scale matters — debt near £300m gross over time (depending how you count historic shareholder loans) puts us at the heavier end.
The reality is this — the club is being propped up by Tan. Without him we’re not arguing about promotion, we’re arguing about administration.
That said, losing £30m+ a year while running a top-six wage bill into relegation is absolute mismanagement. Both things can be true.
Relegation might prove to be a reset on the pitch, but financially we’ve been reckless. You can’t keep banking on one owner covering mistakes forever.
Promotion isn’t just nice to have — it’s essential. Another year in League One and even with lower wages, the gap makes the hole bigger.
Long term? Either the model changes, or ownership does. Because this one only works while Tan feels like writing cheques. |
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Reply | Cardiff City with big losses declared
at 10:50 28 Feb 2026
Enlighten us, what has your post got to do with the discussion of Cardiff City finances, its just more noise without thought, evaluation or relevance. |
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Reply | Asylum Backlog
at 20:51 27 Feb 2026
Labour to Green.
Conservative to Reform.
Green won and Labour had the biggest decline in voting share. Clearly shows that Labour are finished throughout the UK. In Wales it is Labour to Plaid. |
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Reply | Asylum Backlog
at 20:34 27 Feb 2026
Perhaps they wanted to vote Labour as they did in the GE, presumably because so many changed their vote. |
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Reply | Cardiff Rugby
at 20:31 27 Feb 2026
There is a lot of revenue at stake for the city as a whole when you concider the visiting teams and their supporters who stay for the weekend. Plus the international profile the City of Swansea gets and knock on benifits. |
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Reply | Cardiff City with big losses declared
at 20:12 27 Feb 2026
Coventry made £8.7M profit the season before, mainly down to the Gyorkeres transfer so are well within PSR. We lost £15M in the last declared financial year so are right on the limit. |
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Reply | Wrexham away
at 16:17 27 Feb 2026
Swansea City can confirm ticket information for the club’s upcoming away trip to Wrexham on Friday, March 13 with tickets set to go on sale on Monday (March 2).
The club has received just over 1,200 tickets for the fixture which will kick-off at 8pm at the STōK Cae Ras.
TICKET PRICES
Adults (aged 21-64) - £26
Over 65/Under 21 - £21
Under 18 - £14
Under 14 - £10
ON SALE INFORMATION: Due to expected high demand, we have introduced some additional on sale windows in order to ensure supporters who regularly travel to away fixtures have the first opportunity to purchase.
ON SALE DATES
Monday March 2 - 10am
Season Ticket Holders who are Jack Army members and who have been to four or more away games in the 2025-26 season prior to March 1, 2026.
Tuesday March 3 at 10am
Jack Army members who have been to four or more away games in the 2025-26 season prior to March 1, 2026.
Wednesday March 4 at 10am
Jack Army Season Ticket members who have been to two or more away games in the 2025-26 season prior to March 1, 2026. |
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Reply | Asylum Backlog
at 14:50 27 Feb 2026
Only reason I'm asking is we had the discussion a couple of months ago and I said that the Greens are the party with the most momentum at the time. I still think that Reform will win certain seats and the Greens others with the Liberals probably third. Labour will be nowhere and struggle to come fourth, possibly fifth depending if the public keep warming to Badenoch, Starmer won't come into the equation because he will be long gone, if not soon straight after the Senedd elections. All purely my opinion obviously. |
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Reply | Asylum Backlog
at 13:40 27 Feb 2026
Do you still think that the Greens will not have much of an impact at the next GE. |
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Reply | House of Westminster renovations. Monopoly money
at 11:07 27 Feb 2026
The main problem with the Senedd John is not only the cost but it is driving us backwards. Services are worse off here as are prospects for youngsters and the reason so any are leaving. I don't think the cost would be an issue if they were delivering, they are not and its the reason that there will be a radical change in three months. As I have said previously if things in Wales do not improve in the next Welsh parliament questions will be correctly asked as too exactly what is its purpose. |
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Reply | Asylum Backlog
at 07:41 27 Feb 2026
Labour claiming that they are the only ones who can stop Reform gaining power has been turned on its head. Perhaps they will concentrate now on running the country properly and introducing sustainable policies, then again. Either way Starmer is toast. |
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