Fri, 19 Mar 2010 | ADMINISTRATION
Cardiff City FC will face administration if it does not receive new funding soon, according to reports.
The Cardiff City Supporters Club and the Trust said: "The situation is clearly perilous."
"Although we are led to believe there may be light at the end of the tunnel thanks to a written offer of investment from a Malaysian consortium."
The consortium headed by Malaysian property tycoon Datuk Chan Tien Ghee are flying in to undergo formal talks regarding a potential £6m investment that would enable the Club to continue until the end of the season.
If a deal is not secured, the Club won't be able to pay the March wage bill, and will inevitably end up in administration.
It has been reported that the club has a £40m debt with £7m overdue.
In February, a second winding-up petition was adjourned for 28 days after the club paid £1m towards a hefty tax debt of £2.7m. It had also defaulted on its regular PAYE and VAT bills.
The club plans to raise up to £2.25m from the sale of two plots of land surrounding the Cardiff City Stadium.
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