It's the trade creditors that I feel sorry for. They get well and truly stuffed. Mind you the thought occured to me that Palace might offer the creditors a tickets deal, i.e each creditor getting say 10 free tickets for the next 5/10 seasons. At least it would be something and the deal probably wouldn't affect the new owners at all. Meanwhile, c'mon Varney!
My mate is in a printing business and to pay off their debt, CPFC have given him a director's box for the last 3 games for 10 people. He's a Palace fan too so has been delighted by it ...
Some of the debts in those lists reveal so much about the ethics of the tosser who created that mess. I'd be ashamed if my football club had such information in the public domain.
My son goes to a football class that an aussie palace player's kid goes to and he had told the coach that there was only 2 months worth of wages left at palace. He had told this coach that he was going back to oz to prepare for the world cup and said he wouldn't be going back to palace even though he had another year left on his contract
[cite]Posted By: WereByFarTheGreatest[/cite]My son goes to a football class that an aussie palace player's kid goes to and he had told the coach that there was only 2 months worth of wages left at palace. He had told this coach that he was going back to oz to prepare for the world cup and said he wouldn't be going back to palace even though he had another year left on his contract
The player you're speaking about is Nic Carle.
I don't know how much of that is true, but I am sure he will be at Sheffield on Sunday, and after that he will then be of to Oz to prepare for the World cup. After that unless he has been sold, or Palace have folded, then I don't really see what choice he has, other than returning to Palace.
Agilo, the hedge fund that placed Crystal Palace into administration in January, will look to recover some of the £5.5m it is owed from player sales in the summer. That will alarm fans but could make it easier for the consortium that wants to buy Palace, led by the local businessman Steve Parish, to fund its takeover because the non-negotiable sum payable to Agilo would be reduced.
After Sunday's game at Sheffield Wednesday, which will decide which of the clubs is relegated, representatives of Agilo are expected meet Brendan Guilfoyle, the club's administrator, and consult the Football League over a way forward. Negotiations over the complex sale of the club and Selhurst Park, which is separately in administration, continue. But, with the list of saleable players not a long one and money running out, the picture remains blurred and gloomy. A meeting between all parties on Wednesday failed to break the deadlock. PricewaterhouseCoopers, the ground's administrator, is willing to sell to the consortium at a price below its open market value but only if a deal is agreed for the club first and approved by the Football League. But the consortium sees a deal for the ground as a prerequisite to one for the club.
Meanwhile the club's statement of affairs lodged at Companies House yesterday is a puzzling document at first glance. Prepared by Guilfoyle in late January but made public only now, the balance sheet looks not dissimilar to that of many other clubs of a similar size. Until, that is, you notice that the squad has been valued at an extremely optimistic £24m.
Nestling among the list of creditors is the usual depressing roll call of local businesses, service providers, emergency services and charities. As of 26 January the London ambulance service was owed £21,660, the Metropolitan police £19,711 and St John Ambulance £15,817.
I reckon that would make their initial valuation of Moses around 18 million quid, right? I'm calculating that on Danns being worth around 2 million, Ambrose 1 million and the rest of the squad combined about 4 million in total. Such a shame they had to accept a knock-down price of around 2.5 million from Man UtdReal MadridBarcelonaMelchseter Rovers Wigan for him. How in the name of Christ could anyone think that 24 million quid for a bunch of journeymen and a couple of promising youngsters is even remotely accurate?
[cite]Posted By: WereByFarTheGreatest[/cite]My son goes to a football class that an aussie palace player's kid goes to and he had told the coach that there was only 2 months worth of wages left at palace. He had told this coach that he was going back to oz to prepare for the world cup and said he wouldn't be going back to palace even though he had another year left on his contract
The player you're speaking about is Nic Carle.
I don't know how much of that is true, but I am sure he will be at Sheffield on Sunday, and after that he will then be of to Oz to prepare for the World cup. After that unless he has been sold, or Palace have folded, then I don't really see what choice he has, other than returning to Palace.
Well, he be on the other side of the World - that'll make it easer not to come back. They could sue him for breach of contract I guess, but I don't know how easy that is to do on an international basis, especially if they are so close to the edge. I'm sure they could serve him a writ, but if he decides to take no notice it might take a lot more time and resources to pursue than Palace have.
It was assumed that Jordan could help them exit with a CVA by voting in favour, being the biggest creditor. It has now come to light that Agilo have gained control over some of Jordans unsecured debt which means that as well as having the secured loan based on the Clubs assets and players contracts (which made them put Palace into administration in the first place), they also have the voting rights to £5.8m of Jodans debts - reducing his ability to vote in favour of a CVA.
With Agilo and the HMRC debt they are in big trouble if they want to exit via a CVA unless Agilo can be pursuaded to vote in favour - which is unlikely, following their breakdown in the Jordan relationship. They could start next season on minus 17 points, whatever division they are in and assuming they come out of this mess.
[cite]Posted By: Addickted[/cite]Things seem to go from bad to worse for Palace.
It was assumed that Jordan could help them exit with a CVA by voting in favour, being the biggest creditor. It has now come to light that Agilo have gained control over some of Jordans unsecured debt which means that as well as having the secured loan based on the Clubs assets and players contracts (which made them put Palace into administration in the first place), they also have the voting rights to £5.8m of Jodans debts - reducing his ability to vote in favour of a CVA.
With Agilo and the HMRC debt they are in big trouble if they want to exit via a CVA unless Agilo can be pursuaded to vote in favour - which is unlikely, following their breakdown in the Jordan relationship. They could start next season on minus 17 points, whatever division they are in and assuming they come out of this mess.
Well, they can always sell most of their £24M worth of players :-)
[cite]Posted By: budgie[/cite]Not to worry mate, if you don't win the playoffs, yours will probably make more interesting reading.
Why, have we got ourselves involved with an imbacile for a chairman and comedy loan sharks who can control the destiny of an asset less football club ?
Next Couple of weeks should be very interesting for the Nigles.
Which of the following are likely to happen ?
T) An imbacile is charged with trading whilst insolvent, after the administrator unearths the reality of the Jordan era.
O) Jordan is offered 1p in the £ for what he is owed as a creditor of Crystal Palace, thus CPFC 2010 being able to take their club out of administration via a CVA.
S) Jordan is offered a token stake in CPFC 2010 for what he is owed as a creditor of Crystal Palace, thus CPFC 2010 being able to take their club out of administration via a CVA.
S) Jordan refuses both O & S above and instead CPFC start next season with a 17 point deduction for failing to exit administration via a CVA.
E) Jordan is left financially ruined.
R) Jordan leaves his legacy upon Crystal Palace Football Club as they face the real possibility of relegation from the Championship during season 2010/2011
!) all of the above
Lets keep quiet shall we until after the playoffs shall we?
Should you fail to make an automatic return to the Championship, it's hardly going to be a fun summer for you either. Shelvey's departure represents the trouble you are also in.
[cite]Posted By: churley1[/cite]Lets keep quiet shall we until after the playoffs shall we?
Should you fail to make an automatic return to the Championship, it's hardly going to be a fun summer for you either. Shelvey's departure represents the trouble you are also in.
Shelvey's departure will likely cushion the blow of failing to get promoted and allow the club to be able to keep the squad together without having to sell players. Of course that doesn't mean that some players won't want to move on but it prevents forced sales.
Financially I'd rather be where we are than where Palace are.
[quote][cite]Posted By: BlackForestReds[/cite][quote][cite]Posted By: churley1[/cite]Lets keep quiet shall we until after the playoffs shall we?
Should you fail to make an automatic return to the Championship, it's hardly going to be a fun summer for you either. Shelvey's departure represents the trouble you are also in.[/quote]
Shelvey's departure will likely cushion the blow of failing to get promoted and allow the club to be able to keep the squad together without having to sell players. Of course that doesn't mean that some players won't want to move on but it prevents forced sales.
Financially I'd rather be where we are than where Palace are.[/quote
I can't disagree with that. £7 million was put in at the start of the season to keep the club going for the season wasn't it? As you said, the Shelvey money will soften the blow. I've said it before on here, I know a Charlton director and he said promotion is essential to your financial future. Hardly a secret though.
Seems a deal is very close with a consortium having agreed to pay 1p in the £1 to unsecured creditors.
Also seems that the consortium have done a deal for Selhurst Park as well although little detail on that.
Sticking point seems to be Jordan who claimed the Club hadn't been marketed properly and that a better deal could have been found.
Would seem that Jordan, as a substantial creditor, is unhappy about taking a 99% hit especially as the banks will come after him for any short fall due to him being a guarentee for the loans etc.
Question is will he vote against a CVA allowing them out of administration and even if he did does he have a big enough % of the debt to block the CVA, without which Palace would lose another 17 points.
So seems good news for Palace if not for Jordan.
Those of you who believe bad news comes in threes that makes a third after Monday night and last night.
[cite]Posted By: Henry Irving[/cite]Seems a deal is very close with a consortium having agreed to pay 1p in the £1 to unsecured creditors.
Also seems that the consortium have done a deal for Selhurst Park as well although little detail on that.
Sticking point seems to be Jordan who claimed the Club hadn't been marketed properly and that a better deal could have been found.
Would seem that Jordan, as a substantial creditor, is unhappy about taking a 99% hit especially as the banks will come after him for any short fall due to him being a guarentee for the loans etc.
Question is will he vote against a CVA allowing them out of administration and even if he did does he have a big enough % of the debt to block the CVA, without which Palace would lose another 17 points.
So seems good news for Palace if not for Jordan.
Those of you who believe bad news comes in threes that makes a third after Monday night and last night.
Most of this is way over my head, but reading the BBS, where there are far more knowledgeable people than myself, it really does look that this is coming to a conclusion in the very near future.
The bit that surprised most Palace fans, was Jordan and the potential blocking of the cva, as many had thought he was involved in the consortium, this is now clearly not the case, but importantly most leagal eagles on the bbs say that Jordan has nothing to gain from blocking the cva, and will hopefully come around.
Whilst I appreciate that this may well have been your 3rd bit of bad news this week, I have to admit to it having been a good week for Palace fans so far. I'm sure you're hoping along with the Palace fans that Swindons luck continues to hold till after Wembley.
Comments
Would be more fun watching it in a pub full of Stripeys. ;-)
I'll be in Beckenham watching it with a Wednesday mate whilst trying to recover from a probable hang over from the Leeds game.
Meanwhile, c'mon Varney!
Paid for as a football debt. Money released by FL following on from the sale of Moses.
In a previous post, Henry suggested that we may have factored this debt anyway.
The player you're speaking about is Nic Carle.
I don't know how much of that is true, but I am sure he will be at Sheffield on Sunday, and after that he will then be of to Oz to prepare for the World cup. After that unless he has been sold, or Palace have folded, then I don't really see what choice he has, other than returning to Palace.
After Sunday's game at Sheffield Wednesday, which will decide which of the clubs is relegated, representatives of Agilo are expected meet Brendan Guilfoyle, the club's administrator, and consult the Football League over a way forward. Negotiations over the complex sale of the club and Selhurst Park, which is separately in administration, continue. But, with the list of saleable players not a long one and money running out, the picture remains blurred and gloomy. A meeting between all parties on Wednesday failed to break the deadlock. PricewaterhouseCoopers, the ground's administrator, is willing to sell to the consortium at a price below its open market value but only if a deal is agreed for the club first and approved by the Football League. But the consortium sees a deal for the ground as a prerequisite to one for the club.
Meanwhile the club's statement of affairs lodged at Companies House yesterday is a puzzling document at first glance. Prepared by Guilfoyle in late January but made public only now, the balance sheet looks not dissimilar to that of many other clubs of a similar size. Until, that is, you notice that the squad has been valued at an extremely optimistic £24m.
Nestling among the list of creditors is the usual depressing roll call of local businesses, service providers, emergency services and charities. As of 26 January the London ambulance service was owed £21,660, the Metropolitan police £19,711 and St John Ambulance £15,817.
I reckon that would make their initial valuation of Moses around 18 million quid, right? I'm calculating that on Danns being worth around 2 million, Ambrose 1 million and the rest of the squad combined about 4 million in total. Such a shame they had to accept a knock-down price of around 2.5 million from Man Utd Real Madrid Barcelona Melchseter Rovers Wigan for him. How in the name of Christ could anyone think that 24 million quid for a bunch of journeymen and a couple of promising youngsters is even remotely accurate?
Well, he be on the other side of the World - that'll make it easer not to come back. They could sue him for breach of contract I guess, but I don't know how easy that is to do on an international basis, especially if they are so close to the edge. I'm sure they could serve him a writ, but if he decides to take no notice it might take a lot more time and resources to pursue than Palace have.
It was assumed that Jordan could help them exit with a CVA by voting in favour, being the biggest creditor. It has now come to light that Agilo have gained control over some of Jordans unsecured debt which means that as well as having the secured loan based on the Clubs assets and players contracts (which made them put Palace into administration in the first place), they also have the voting rights to £5.8m of Jodans debts - reducing his ability to vote in favour of a CVA.
With Agilo and the HMRC debt they are in big trouble if they want to exit via a CVA unless Agilo can be pursuaded to vote in favour - which is unlikely, following their breakdown in the Jordan relationship. They could start next season on minus 17 points, whatever division they are in and assuming they come out of this mess.
Not to worry mate, if you don't win the playoffs, yours will probably make more interesting reading.
Well, they can always sell most of their £24M worth of players :-)
Call me when they're out of business eh
Why, have we got ourselves involved with an imbacile for a chairman and comedy loan sharks who can control the destiny of an asset less football club ?
Which of the following are likely to happen ?
T) An imbacile is charged with trading whilst insolvent, after the administrator unearths the reality of the Jordan era.
O) Jordan is offered 1p in the £ for what he is owed as a creditor of Crystal Palace, thus CPFC 2010 being able to take their club out of administration via a CVA.
S) Jordan is offered a token stake in CPFC 2010 for what he is owed as a creditor of Crystal Palace, thus CPFC 2010 being able to take their club out of administration via a CVA.
S) Jordan refuses both O & S above and instead CPFC start next season with a 17 point deduction for failing to exit administration via a CVA.
E) Jordan is left financially ruined.
R) Jordan leaves his legacy upon Crystal Palace Football Club as they face the real possibility of relegation from the Championship during season 2010/2011
!) all of the above
Should you fail to make an automatic return to the Championship, it's hardly going to be a fun summer for you either. Shelvey's departure represents the trouble you are also in.
Shelvey's departure will likely cushion the blow of failing to get promoted and allow the club to be able to keep the squad together without having to sell players. Of course that doesn't mean that some players won't want to move on but it prevents forced sales.
Financially I'd rather be where we are than where Palace are.
Should you fail to make an automatic return to the Championship, it's hardly going to be a fun summer for you either. Shelvey's departure represents the trouble you are also in.[/quote]
Shelvey's departure will likely cushion the blow of failing to get promoted and allow the club to be able to keep the squad together without having to sell players. Of course that doesn't mean that some players won't want to move on but it prevents forced sales.
Financially I'd rather be where we are than where Palace are.[/quote
I can't disagree with that. £7 million was put in at the start of the season to keep the club going for the season wasn't it? As you said, the Shelvey money will soften the blow. I've said it before on here, I know a Charlton director and he said promotion is essential to your financial future. Hardly a secret though.
Also seems that the consortium have done a deal for Selhurst Park as well although little detail on that.
Sticking point seems to be Jordan who claimed the Club hadn't been marketed properly and that a better deal could have been found.
Would seem that Jordan, as a substantial creditor, is unhappy about taking a 99% hit especially as the banks will come after him for any short fall due to him being a guarentee for the loans etc.
Question is will he vote against a CVA allowing them out of administration and even if he did does he have a big enough % of the debt to block the CVA, without which Palace would lose another 17 points.
So seems good news for Palace if not for Jordan.
Those of you who believe bad news comes in threes that makes a third after Monday night and last night.
Most of this is way over my head, but reading the BBS, where there are far more knowledgeable people than myself, it really does look that this is coming to a conclusion in the very near future.
The bit that surprised most Palace fans, was Jordan and the potential blocking of the cva, as many had thought he was involved in the consortium, this is now clearly not the case, but importantly most leagal eagles on the bbs say that Jordan has nothing to gain from blocking the cva, and will hopefully come around.
Whilst I appreciate that this may well have been your 3rd bit of bad news this week, I have to admit to it having been a good week for Palace fans so far. I'm sure you're hoping along with the Palace fans that Swindons luck continues to hold till after Wembley.
Simon Jordan is not bitter despite spunking £30m apparently.