http://forums.cpfc.org/showthread.php?threadid=174980
The Selhurst Park Lease
This has finally been registered at the Land Registry. for anyone interested terms are as set out below.
The lease has some very large (and important) holes in it where SJ's solicitors have obviously convinced the Land Registry that sensitive items can be omitted. I think they have omitted more than is reasonable but cannot be bothered to have an argument with the Land Registry over it. However what is there is pretty clear as only amounts and timings are left out.
Lease Term - 25 years from 23rd April 2008
Rent £1,248,072 pa payable on the usual quarter days
Rent Reviews - Five yearly - upwards only linked to the RPI
Tenants full repairing obligations including decorating outside every three years and inside every five!
Option to purchase - the terms of this are blanked out which I would expect but there is an option period and a minimum option amount (both with unknown amounts) and a provision for a higher option fee if the Market Value would be more
Premium - unknown amount paid by way of premium for the grant of the Lease (the gap where the figure has been removed is pretty large though!). An unknown amount is to be paid 30 days after the Lease was granted and the remainder to be paid on the first to happen of Palace being promoted to the Premier League or a contingency which has been blocked out but which is probably a set date
Commutation of Rent - a somewhat peculiar clause allowing the club to make capital payments which will reduce the rent payable by a set percentage (blanked out) in relation to the amount made. Any such payments will be taken into account if the Club exercises the option at any point
Additional Premium - if Palace remain in the prem for more than one season then an additional figure is payable the first time that Palace stay up (again the exact figure is blanked out)
No Personal Guarantee from SJ
Covenants - a whole lot of usual covenants about consents for alterations, putting up signs, not changing the use, who can assign to etc.
Landlord & Tenant Act - This is a protected tenancy and there are rights to a new lease at the end of the term
Second Lease - there is a second lease of various other odd bits of land - I think these are ones that are sublet out but I do not have further details - the above is the main stadium lease anyway.
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Comments
Not just omitted for confidentiality then Henry?
I enjoy reading his thoughts on Palarse matters.
Career change means less access to site. Still around occasionally.
Only what the poster on the Palace site said.
Yes I've now read that post, and forced myself to read the rest of the thread. Nigels arguing between themselves. Something we would never do on here....:o)
It's clear that Jordan's business affairs are very much in keeping with the man, long-winded, turgid, and on occasions quite unpleasant.
Recover their original capital outlay, and some, over 25 years whilst retaining the asset. A good piece of business.
Quite obviously there has been a serious breech of their tenancy, they should be evicted imediately ;-)
This is classic Jordan, a mixture of half truths and confusion.Nothing and I mean nothing is ever simple and straight forward with this guy...there's 'always' doubt and uncertainty hanging in the air.
Still about Len....... and laughing uncontrollably about the Palace tenancy registered.
Particularly....
"Lease Term - 25 years from 23rd April 2008
Rent £1,248,072 pa payable on the usual quarter days
Rent Reviews - Five yearly - upwards only linked to the RPI
Tenants full repairing obligations including decorating outside every three years and inside every five".
I reckon that will average out at about £3m a year as a minimum and with NO asset value to CPFC.
There is also absolutely no way Palace will continue to get a safety certificate for their main stand - I reckon a max of five years before it will be closed as a safety/fire hazzard. So that either means a reduced capacity or that nice Mr Jordan having to pay for a new one. Perhaps they can borrow one of the Withdean stands when Brighton move onto their nice shiny new stadium.