Cardiff chairman Peter Ridsdale was a "relieved" man after the club were rescued from the brink of financial disaster.A High Court judge rejected Swiss investment bank Langston's bid to secure immediate repayment of up to £24million loaned to the club in 2004 on Wednesday.

Langston is suing the club over loan notes which it holds and had sought "summary judgment" - meaning the club would have had to pay up now.

But Mr Justice Briggs, sitting in London, dismissed the bank's claim and consequently the case will go forward to a full trial of the complex issues involved - although both parties will work towards an out-of-court settlement before that happens.

The Championship club, who face Barnsley in the FA Cup semi-finals next month, had faced possible administration if Langston succeeded in its claim.

Ridsdale reiterated his regret that the dispute had come to court and insisted the process had prevented them making further strides to raise the money owed.

"I'm relieved," said Ridsdale.

"I think that we have always accepted that we owed Langston £16million and the proceeds of the naming rights of the new stadium up to a maximum of £9million.

"We feel that the action over the last seven months has been strangling the club and has been unnecessary.

"We would expect anyone who has a difference of opinion to sit down and come to an amicable conclusion.

"But all that happened was we were dragged through the courts, which was very expensive and time-consuming and stops the process of raising cash which could have gone towards resolving this dispute."

The judge was invited by both sides in the dispute to delay the full hearing of the case for two months in the hope that it can now be resolved without the need for further court action.

"I sincerely hope they will sit around the table and realise that an amicable situation is the only way forward for both parties," Ridsdale added.

Langston is to pay the agreed costs incurred by Cardiff in contesting the summary judgment application.

The club's counsel, David Wolfson, said: "It has always been the club's aim to reach a settlement without incurring further legal costs and, over the next two months, we hope very much to do that so we can concentrate on matters on the field where, I'm glad to say, we have enjoyed some success."

The judge added the club had "a real prospect of a successful defence" and should not be subjected to a summary judgment.

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