Cardiff City have announced that the club's debt to majority shareholder Vincent Tan has been cut by £66.4m, after the owner subscribed for a substantial amount of additional shares in the club.

The news follows the club's 'open offer' to shareholders, and a club statement said that the additional shares picked up by Tan would be paid for in the conversion of loans to club equity - effectively meaning the club's debt has been slashed substantially. 

It follows a similar process that took place in June 2017, that saw £12.6m in debt converted to equity, meaning debt reduction for the financial year ended May 31st 2018 amounts to £79m.

Cardiff City CEO Ken Choo said in a statement: 

“We would once again like to thank Tan Sri Vincent Tan for his generosity.

“Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.

“As fans, staff and players alike eagerly await the upcoming 2018/19 Premier League campaign, we also look forward to the continuation of this ongoing process in the future.”

The news comes as a welcome boost for Cardiff, who were promoted from the Championship after finishing second to runaway leaders Wolves, as they prepare for their upcoming Premiership campaign.

It follows the signings of Bristol City's Bobby Reid, and QPR goalkeeper Alex Smithies, as well as the contract extensions of several key players.