TRUST TO LAUNCH MAJOR FUNDRAISING SCHEME
The Crystal Palace Supporters’ Trust is launching a major fundraising initiative to support the CPFC (2010) consortium in their efforts to purchase the club and Selhurst Park.
Why are we doing this?
Although the club now has a preferred bidder in place, there can be no room for complacency. The season finishes in under a week and, with no income streams due into the club over the summer and talks over a potential takeover still on-going, the Trust believes that a contingency fund should be put in place now in case it is needed to ensure the survival of Crystal Palace FC.
“No one should be complacent that a deal [to buy the club and ground] will happen and
any and all contingencies that can be, should be put in place.”
CPFC (2010) consortium
How will the money be raised?
The Trust will launch a loan notes scheme similar to that initiated in 2000, which raised over £1m in a short space of time. Details will be issued on the www.cpstrust.org.uk website very shortly. It is anticipated that the notes will be issued in £500 units.
“We would welcome discussions with the Trust around how these funds may be used
and would see them returned to fans if no such agreement can be reached.”
CPFC (2010) consortium
How will the money be used?
All options will be considered ranging from seeking a fans’ stake in the ownership of Selhurst Park, a share in the club or even ensuring the very survival of Crystal Palace FC, if the need arises. No decision on how to use the fighting fund would be made before those supporters who have taken out loan notes have been consulted.
THIS IS ARGUABLY THE MOST CRITICAL POINT IN THE HISTORY OF CRYSTAL PALACE FOOTBALL CLUB. WE MUST ACT NOW TO HELP SAFEGUARD THE FUTURE OF THIS GREAT CLUB.
[cite]Posted By: budgie[/cite]Come on Lloyds, you know it makes sense.
Budgie - I'm not having a go at you here because it's Palace, so don't think I'm just on a wind-up, but it depresses me that football clubs can use the 'community aspect' of the club as a bit of hand-wringing to try and convince administrators to accept a worse deal for the creditors than they would otherwise get. Sooner or later, it has to stop somewhere - I remember everyone being up in arms when that c*** Bates pulled a stunt like this as Leeds a couple of years back - he offered to pay the revenue back a penny in the pound and was lambasted for it. Whilst the emotional blackmail being proposed by the trust here isn't anything like as ludicrous as Uncle Ken's 'offer', it's just a further example of a poorly run football club which - in any other business - would have been squashed out of existence long ago, using administration to wipe a load of debts clean and 'start again'.
Well, smack in the centre is a bit that says Bolton's crowds have 'soared'. The half-empty Reebok every other week must be an illusion then...
I knew I'd regret the word 'centre' in there.
I'm just not convinced about the 'Jordan was just too much of a Palace fan' line
Haha - I was being facetious
I think Jordan was exactly what he appeared - no more no less - a cretin who got ridiculously lucky in business, then proved it was luck by spunking a load of it away on the football club he supported. He was (and no doubt is an imbecile) but there was no malice involved in his mismanagement - just cluelessness.
[cite]Posted By: Henry Irving[/cite]
London Ambulance £22k
St Johns Ambulance £16k
I don't know but i'm assuming that clubs must have medical teams and ambulances on standby for games, so i don't see how clubs can get away with not paying them. They should refuse to be on standby until Palace have paid up.
So they still owe us 200k. Will not be pleased if the administrator accepts a lower bid than others just to save CP's community credentials and means we get less as a result !
[cite]Posted By: ShootersHillGuru[/cite]So they still owe us 200k. Will not be pleased if the administrator accepts a lower bid than others just to save CP's community credentials and means we get less as a result !
Unlikely.
Some would have been paid from the Moses money which the League held back, football debts have to be paid in full and we may have factored the debt already.
[quote][cite]Posted By: Henry Irving[/cite][quote][cite]Posted By: ShootersHillGuru[/cite]So they still owe us 200k. Will not be pleased if the administrator accepts a lower bid than others just to save CP's community credentials and means we get less as a result ![/quote]
Unlikely.
Some would have been paid from the Moses money which the League held back, football debts have to be paid in full and we may have factored the debt already.[/quote]
They've priced their 'dome' as worth £200k, desite it requiring £150k worth of repairs to allow it to operate.
Players worth £24m - how could we have let Ambrose go on a free, he must be rated at £10m for that figure.
£6.5m 'goodwill' - not from that list of creditors that's for sure.
Take away the sevured football debt and what they Agilo, those that need to take a 'hit' if they accept a CVA are;
Trade Creditors £3,639,301
Accruals £486,819
Bank Overdraft £9,214,319
Bank Loan £1,675,527
PAYE & NI £1,488,876
VAT £656,212
Finance Leases £326,233
Season Tickets Holders £3,175,611
Deferred Income £696,789
Martin Long Loan £70,175
Scottish & Newcastle Loan £39,416
Football League Loan £419,100
Simon Jordan Loan £7,782,911
How on earth do you calculate the value of "goodwill"? Is it just the value of the debt they think no-one will bother chasing them for, because otherwise I can't see how that'd be worth 6.5k let alone 6.5m.
[cite]Posted By: aliwibble[/cite]How on earth do you calculate the value of "goodwill"? Is it just the value of the debt they think no-one will bother chasing them for, because otherwise I can't see how that'd be worth 6.5k let alone 6.5m.
It's very subjective but...
For a football club it would be the brand and the membership of the Football League which have value.
in this case the £6.5m goodwill and £24m would appear to be back counting ie work out the debt and then bump those to figures up until the figures balances.
Sure Len or Peanuts as money men can give a better answer.
Comments
One more promotion place then?
The Crystal Palace Supporters’ Trust is launching a major fundraising initiative to support the CPFC (2010) consortium in their efforts to purchase the club and Selhurst Park.
Why are we doing this?
Although the club now has a preferred bidder in place, there can be no room for complacency. The season finishes in under a week and, with no income streams due into the club over the summer and talks over a potential takeover still on-going, the Trust believes that a contingency fund should be put in place now in case it is needed to ensure the survival of Crystal Palace FC.
“No one should be complacent that a deal [to buy the club and ground] will happen and
any and all contingencies that can be, should be put in place.”
CPFC (2010) consortium
How will the money be raised?
The Trust will launch a loan notes scheme similar to that initiated in 2000, which raised over £1m in a short space of time. Details will be issued on the www.cpstrust.org.uk website very shortly. It is anticipated that the notes will be issued in £500 units.
“We would welcome discussions with the Trust around how these funds may be used
and would see them returned to fans if no such agreement can be reached.”
CPFC (2010) consortium
How will the money be used?
All options will be considered ranging from seeking a fans’ stake in the ownership of Selhurst Park, a share in the club or even ensuring the very survival of Crystal Palace FC, if the need arises. No decision on how to use the fighting fund would be made before those supporters who have taken out loan notes have been consulted.
THIS IS ARGUABLY THE MOST CRITICAL POINT IN THE HISTORY OF CRYSTAL PALACE FOOTBALL CLUB. WE MUST ACT NOW TO HELP SAFEGUARD THE FUTURE OF THIS GREAT CLUB.
I knew I'd regret the word 'centre' in there.
I'm just not convinced about the 'Jordan was just too much of a Palace fan' line
I think Jordan was exactly what he appeared - no more no less - a cretin who got ridiculously lucky in business, then proved it was luck by spunking a load of it away on the football club he supported. He was (and no doubt is an imbecile) but there was no malice involved in his mismanagement - just cluelessness.
Fair play. I wasn't thinking 'malice', more playing God and egomania.
interesting creditors as at 27 Jan include:
Blackburn Rovers £352k
Benfica £239k
West Ham £208k
Charlton £200k
Ipswich £200k
Austria Vienna £78k
Sunderland £10k
I'm assuming that most if not all of these football debts have been paid with the Moses money.
P McCarthy agent £48k
First Artists £48k
N Carle agent £29k
Also owe PAYE of £1.5m and VAT of £0.7m
London Ambulance £22k
Croydon Council rates £86k though this is up to 31 March so it will be 2 months worth lower
St Johns Ambulance £16k
There will be more.
They valued their squad at £24m (before Moses was sold but that is still OTT) and goodwill £6.5m.
Leasehold Improvements £1.6m - Not sure how this is an asset
On the other side all the advance ST holders are put in as creditors to the tune of £3.1m
All this doesn't include what they owe Jordan
I don't know but i'm assuming that clubs must have medical teams and ambulances on standby for games, so i don't see how clubs can get away with not paying them. They should refuse to be on standby until Palace have paid up.
Fair play to their trust actually doing something - they seem like they are working really hard to get some solutions rather than bitching about it.
Over £3m accrued ST sales including £1.4m for next season.
Now they wouldn't have spent that already would they as they would be silly.
Unlikely.
Some would have been paid from the Moses money which the League held back, football debts have to be paid in full and we may have factored the debt already.
Unlikely.
Some would have been paid from the Moses money which the League held back, football debts have to be paid in full and we may have factored the debt already.[/quote]
Thats good. Thanks Henry.
Fnnnnaaaaarrrr.
Yes, I thought that was great.
£0.25m put into his other failures eg Telstar and his resturant
So all they owe is £4m?
No, because they will have paid us some of it already.
Trade Creditors £ 3,639,301
Accruals (Creditors who've not yet invoiced them) £ 486,819
Overdraft £ 9,214,319
Bank Loan £ 1,675,527
PAYE & NI £1,488,876
VAT £ 656,212
Leases £ 326,233
External Loans £ 528,691
Total £ 18,015,978
Plus
Deferred income (incl ST) of £ 3,872,400
Jordan Loan £ 7,872,911
Agilo £5m? Not sure if this is in the accounts already.
They've priced their 'dome' as worth £200k, desite it requiring £150k worth of repairs to allow it to operate.
Players worth £24m - how could we have let Ambrose go on a free, he must be rated at £10m for that figure.
£6.5m 'goodwill' - not from that list of creditors that's for sure.
Take away the sevured football debt and what they Agilo, those that need to take a 'hit' if they accept a CVA are;
Trade Creditors £3,639,301
Accruals £486,819
Bank Overdraft £9,214,319
Bank Loan £1,675,527
PAYE & NI £1,488,876
VAT £656,212
Finance Leases £326,233
Season Tickets Holders £3,175,611
Deferred Income £696,789
Martin Long Loan £70,175
Scottish & Newcastle Loan £39,416
Football League Loan £419,100
Simon Jordan Loan £7,782,911
TOTAL £29,761,288
It is, under 'debts secured by floating charge' £4,353,000.
This doesn't include the post administration loan from Agilo of £1m. All post admin debts have to be paid.
It's very subjective but...
For a football club it would be the brand and the membership of the Football League which have value.
in this case the £6.5m goodwill and £24m would appear to be back counting ie work out the debt and then bump those to figures up until the figures balances.
Sure Len or Peanuts as money men can give a better answer.
Damnit, I'll be on a train to Nottigam, hope I can sort a radio, gotta listen to the nigels get relegated.