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Vincent Tan has revealed he will convert £68m owed to him into equity immediately as he pledged Cardiff City will be debt-free in five years.

Tan was in Cardiff to make the announcement at a Q&A with supporters at the Cardiff City Stadium.

There, he told fans he has agreed to convert with immediate effect £68m of debt to equity.

(Image: Dan Tyte)

He revealed he has also agreed to write-off a further £10m, that last season he wrote-off £13m and also converted £3m of debt into equity.

Those developments will leave the Bluebirds with an overall debt of £40m and Tan pledged that he will convert £8m of that from debt into equity every year forthwith.

The structured plan will mean that in five years the Bluebirds will be debt-free.