Cardiff claim they lost over £8.5m on signing of Andreas Cornelius
Cardiff have claimed that "imprudent and careless management" has cost them "in excess" of £8.5m over their signing of the Danish striker Andreas Cornelius.
Cardiff's chief executive Simon Lim criticised the transfer policies of the former manager Malky Mackay and Iain Moody, the former head of recruitment, in a statement Cardiff unexpectedly put out on Thursday.
Lim said the club effectively wrote off nearly £9m over Cornelius, who has returned to FC Copenhagen after just seven months in Wales.
The club-record signing Cornelius failed to score in South Wales and the statement said: "The key shareholders have made their dissatisfaction of such a huge loss known to the board of directors which they believe is due to imprudent and careless management undertaken by the previous football management."
Lim also praised the new manager Ole Gunnar Solskjaer's work in the January transfer window, saying: "Our shareholders have expressed their support and pleasure to the new management team."
He said the owner Vincent Tan was "encouraged by the work done by manager Ole Gunnar Solskjaer in the January transfer window.
"Solskjaer was instrumental in attracting top professionals who have the experience and the willpower to make an immediate impact in the club's desire to maintain its Premier League status."
Lim said in the statement that Cardiff spent £6m on six permanent January recruits and the loan deal for Wilfried Zaha, and recouped £3m from player sales in the same period.
"This is good business for the club, where all participants were fully informed and an integral part of a process," said Lim.
"There has been a lot of press speculation on the loss incurred by the club due to sales. This unfortunately is true. We took the hard decision to incur these losses for the good of the club.
"To commit the club to a significant cost and liability over a five-year contract for one player is not prudent, especially as he was not to contribute to our success now, but was for the future."
He said that "in the case of Andreas Cornelius, who cost the club in total just under £10m, we realise a large loss in excess of £8.5m, inclusive of transfer fees, salaries, business and compensation paid to player's agents and other miscellaneous expenses".
Solskjær, who was appointed on a 12-month rolling contract after the sacking of his predecessor Malky Mackay, has won only once in the league, losing four and drawing one. Cardiff currently lie second from bottom, two points from safety.
They have at least enjoyed a good run in the FA Cup, where they have knocked out Newcastle and Bolton. They take on the holders Wigan in the fifth round at home on Saturday.