CRYSTAL Palace's players will not be paid their May wages on time tomorrow.
The Eagles squad have been told today that there are not the funds in place to pay staff until Darren Ambrose completes his £750,000 move to QPR.
And even then the South London Press understands that they will only receive 50 per cent of their salaries - with the rest dependent on further sales.
Administrator Brendan Guilfoyle needs to raise cash to meet running costs as takeover talks with the CPFC 2010 consortium show no signs of being completed soon.
Don't miss tomorrow's South London Press for the full story.
I regretfully today have to announce that we will not be in a position to pay any wages tomorrow Friday 28th May, or Tuesday 1st June, despite all my efforts to avoid this situation.
As you know, I am no longer funded by Agilo who had previously funded me to the end of the season’s fixtures. I had always expected by now to be funded by a purchaser, however as CPFC 2010 have not yet secured the stadium or an agreement with the company’s unsecured creditors, funding from a purchaser will take longer than originally planned.
The strategy now is to sell players to fund the running of the Club in the immediate term. We are making progress to conclude the sale of a Player, but as of today this has not been completed. Once funding from this sale is received I will be in a position to pay 50% of your May wages immediately.
In the continued absence of funding from a purchaser, I may be required in forthcoming weeks to generate further player sale activity and it is then my intention to clear most, if not all, arrears of wages.
I do realise this this will create hardship for many and I ask you to please support the club all you can, by making alternative short term arrangements wherever possible. I will be at the Club tomorrow (Friday) and intend to speak to you all and answer your questions.
Thank you in advance for your support and understanding.
Forgetting the players who it probably wont mean they go overdrawn it is pretty shoddy for the tea ladies etc if they arent getting paid falling into the "ALL STAFF" category.
[cite]Posted By: Chris_from_Sidcup[/cite]Anyone know how much their monthly wage bill is?
WAS stated to be £800k per month but that before some sales and managers leaving.
As Rodney said, sod the players it's the backroom staff who will suffer.
Ambrose meant to be going to QPR for £750k which will pay some of the wages but some of that will be taken by Agilo while some will be VAT and/or deferred.
[quote][cite]Posted By: stonemuse[/cite]From Mark Bright on Twitter:
[i]Palace have just made 29 members of staff redundant. Gutter![/i][/quote]
Possibly not a poular view, but I do feel desperately sorry for the palace staff and even their fans. There by the grace of god go we ... for the monent
[cite]Posted By: Kap10[/cite]Possibly not a poular view, but I do feel desperately sorry for the palace staff and even their fans. There by the grace of god go we ... for the monent
Most are just ordinary folk doing their job, have to feel for them and those not getting paid. Still expect CPFC to close the deal, but the adminstrator is certainly upping the ante with his actions of late.
[cite]Posted By: stonemuse[/cite]From Mark Bright on Twitter:
Palace have just made 29 members of staff redundant. Gutter!
Possibly not a poular view, but I do feel desperately sorry for the palace staff and even their fans. There by the grace of god go we ... for the monent
Feel sorry for the staff obviously, but their fans can go and do one.
[cite]Posted By: aliwibble[/cite]It would be nice to think that this might stop people assuming that going into administration is just a question of taking a 10 point hit.
I'm not holding my breath though.
Spot on Ali, spot on.
[cite]Posted By: Kap10[/cite]
[cite]Posted By: stonemuse[/cite]From Mark Bright on Twitter:
Palace have just made 29 members of staff redundant. Gutter!
Possibly not a poular view, but I do feel desperately sorry for the palace staff and even their fans. There by the grace of god go we ... for the monent
Agree but as an atheist iI would say more by the grace of the £7m the directors pumped in last year and whatever they've found this year
[cite]Posted By: son of selhurst[/cite]This is the end game.
Honestly have no idea if we will start next season or not.
Agree on the end game. Feel that Simon "he's so wondedrful, he speaks his mind" Jordan is playing poker with the consortium. So far the consortium seem to be played a tough game and not giving the Club any money to keep going over the summer until Jordan and the other creditors agree to 1p in the £.
This also has the advantage of the Administrator being the one who's selling the players and sacking the staff. Most likely the consortium would have done the same but this way their hands are clean and the value of the club has just dropped by at least £750k.
I still think Palace will be playing in the CCC next season for what that is worth SOS.
Shame for those staff...do they now become unsecured creditors who will get paid 1p in the £ of their owed wages?
I thought Palace would have been bought by now, I wonder if this is a ploy by the administrators to push Lloyds? into selling the ground to CPFC2010 before the club is wound up...
If Millwall lose at Wembley, then we could start next season as "number 1 in South London" again!!
According to Sky the hold up on selling Selhurst is the embarrassment clause. This basically means that if the club sell the ground on a profit then the current owners get a slice.
Question is why would that be a deal breaker unless the new CPFC owners thought that might be selling the ground sometime soon?
[cite]Posted By: Henry Irving[/cite]According to Sky the hold up on selling Selhurst is the embarrassment clause. This basically means that if the club sell the ground on a profit then the current owners get a slice.
Question is why would that be a deal breaker unless the new CPFC owners thought that might be selling the ground sometime soon?
presumably they realise that the money they would need to spend on upkeep at selhurst is too high to justify and they would prefer to find an alternate site and build a new ground there financed by selling the current ground. Presumably the current owners are sort of willing to sell the ground to them for a smallish fee if there is no chance of it being used for anything other than a stadium, however they would look pretty stupid if it was then sold for a much chunkier amount a couple of years later.
[cite]Posted By: Henry Irving[/cite]According to Sky the hold up on selling Selhurst is the embarrassment clause. This basically means that if the club sell the ground on a profit then the current owners get a slice.
Question is why would that be a deal breaker unless the new CPFC owners thought that might be selling the ground sometime soon?
presumably they realise that the money they would need to spend on upkeep at selhurst is too high to justify and they would prefer to find an alternate site and build a new ground there financed by selling the current ground. Presumably the current owners are sort of willing to sell the ground to them for a smallish fee if there is no chance of it being used for anything other than a stadium, however they would look pretty stupid if it was then sold for a much chunkier amount a couple of years later.
or PWC fear that CPFC2010 may eventually ground share elsewhere after selling the ground for a song to Altonwood, who then sell it on to property developers at a huge profit thereby raising funds for a new golf course ............................ now that could never happen.
I always thought I was in the "feck 'em brigade", but with the news as it is I can't help but feel sorry for them. People getting laid off - that ain't right. If they do go under, I only hope that it gives football the kick up the arse it so sorely needs.
Yes it's certainly awful for all those people being made redundant and I genuinely feel for them. I still think that the consortium interested in buying Palace are taking it to the wire in order to screw the best deal. If and when the deal is done I really hope those people get their jobs back.
Their fans have suddenly realised that they may need to do something ..............................
CPFC NEEDS US - THE TIME FOR TALKING & SITTING BACK IS OVER.
After 105 years of FA cup finals, semi finals, promotions, a championship title, giant killings, famous victories, Wembley, stockport, Hillsborough, Coppell, Cannon, Byrne, Freedman, Hilaire, Salako, Martyn, & Kember; all witnessed by generations & generations of passionate Palace fans, our club faces it’s biggest ever challenge…
WE HAVE RUN OUT OF MONEY AND ARE A MATTER OF WEEKS FROM NOT EXISTING
29 members of loyal staff sacked, no money for wages, players being sold just to keep us alive and the future of the club in the hands of companies and individuals whose decisions now directly affect the attempts by the CPFC2010 consortium to save us
As fans, the time for sitting back and doing nothing is over, we are out of time, it’s time to show the world and AGILO, PWC, LLOYDS BANK & SIMON JORDAN that we WILL NOT LET OUR CLUB DIE without a fight, a football club is not a business but the heart of the community and it is now their responsibility to keep that heart beating.
We are calling on all Palace fans to meet at Selhurst Park at 3pm on bank holiday Monday to kick up a storm and show these companies & the national media that we will not sit back and let our club die. Now is the time for unity and strength,when the odds are stacked against us, Palace fans have always come out fighting, now we must do it once again and make a last stand.
- 3PM kick off
- MONDAY 31st MAY
- SELHURST PARK STADIUM
__________________
Well credit to them for having a go, but what can such a protest actually achieve? Somebody needs to DO something to save the club. Just making a loud noise is not really going to change much is it? I wish them luck anyway.
Comments
The Eagles squad have been told today that there are not the funds in place to pay staff until Darren Ambrose completes his £750,000 move to QPR.
And even then the South London Press understands that they will only receive 50 per cent of their salaries - with the rest dependent on further sales.
Administrator Brendan Guilfoyle needs to raise cash to meet running costs as takeover talks with the CPFC 2010 consortium show no signs of being completed soon.
Don't miss tomorrow's South London Press for the full story.
From: Brendan Guilfoyle
I regretfully today have to announce that we will not be in a position to pay any wages tomorrow Friday 28th May, or Tuesday 1st June, despite all my efforts to avoid this situation.
As you know, I am no longer funded by Agilo who had previously funded me to the end of the season’s fixtures. I had always expected by now to be funded by a purchaser, however as CPFC 2010 have not yet secured the stadium or an agreement with the company’s unsecured creditors, funding from a purchaser will take longer than originally planned.
The strategy now is to sell players to fund the running of the Club in the immediate term. We are making progress to conclude the sale of a Player, but as of today this has not been completed. Once funding from this sale is received I will be in a position to pay 50% of your May wages immediately.
In the continued absence of funding from a purchaser, I may be required in forthcoming weeks to generate further player sale activity and it is then my intention to clear most, if not all, arrears of wages.
I do realise this this will create hardship for many and I ask you to please support the club all you can, by making alternative short term arrangements wherever possible. I will be at the Club tomorrow (Friday) and intend to speak to you all and answer your questions.
Thank you in advance for your support and understanding.
Brendan Guilfoyle
WAS stated to be £800k per month but that before some sales and managers leaving.
As Rodney said, sod the players it's the backroom staff who will suffer.
Ambrose meant to be going to QPR for £750k which will pay some of the wages but some of that will be taken by Agilo while some will be VAT and/or deferred.
rumoured to br £800k but will be more in June as they have to pay witheld player bonuses in addition to the norm.
Palace have just made 29 members of staff redundant. Gutter!
Yep, 29 out of 60 with Guilfoyle now stating that the club is "on a knife edge" - interviewed on SSN
[i]Palace have just made 29 members of staff redundant. Gutter![/i][/quote]
Possibly not a poular view, but I do feel desperately sorry for the palace staff and even their fans. There by the grace of god go we ... for the monent
I'm not holding my breath though.
Most are just ordinary folk doing their job, have to feel for them and those not getting paid. Still expect CPFC to close the deal, but the adminstrator is certainly upping the ante with his actions of late.
Feel sorry for the staff obviously, but their fans can go and do one.
Honestly have no idea if we will start next season or not.
Spot on Ali, spot on.
Agree but as an atheist iI would say more by the grace of the £7m the directors pumped in last year and whatever they've found this year
Agree on the end game. Feel that Simon "he's so wondedrful, he speaks his mind" Jordan is playing poker with the consortium. So far the consortium seem to be played a tough game and not giving the Club any money to keep going over the summer until Jordan and the other creditors agree to 1p in the £.
This also has the advantage of the Administrator being the one who's selling the players and sacking the staff. Most likely the consortium would have done the same but this way their hands are clean and the value of the club has just dropped by at least £750k.
I still think Palace will be playing in the CCC next season for what that is worth SOS.
I thought Palace would have been bought by now, I wonder if this is a ploy by the administrators to push Lloyds? into selling the ground to CPFC2010 before the club is wound up...
If Millwall lose at Wembley, then we could start next season as "number 1 in South London" again!!
Question is why would that be a deal breaker unless the new CPFC owners thought that might be selling the ground sometime soon?
presumably they realise that the money they would need to spend on upkeep at selhurst is too high to justify and they would prefer to find an alternate site and build a new ground there financed by selling the current ground. Presumably the current owners are sort of willing to sell the ground to them for a smallish fee if there is no chance of it being used for anything other than a stadium, however they would look pretty stupid if it was then sold for a much chunkier amount a couple of years later.
or PWC fear that CPFC2010 may eventually ground share elsewhere after selling the ground for a song to Altonwood, who then sell it on to property developers at a huge profit thereby raising funds for a new golf course ............................ now that could never happen.
Correct
CPFC NEEDS US - THE TIME FOR TALKING & SITTING BACK IS OVER.
After 105 years of FA cup finals, semi finals, promotions, a championship title, giant killings, famous victories, Wembley, stockport, Hillsborough, Coppell, Cannon, Byrne, Freedman, Hilaire, Salako, Martyn, & Kember; all witnessed by generations & generations of passionate Palace fans, our club faces it’s biggest ever challenge…
WE HAVE RUN OUT OF MONEY AND ARE A MATTER OF WEEKS FROM NOT EXISTING
29 members of loyal staff sacked, no money for wages, players being sold just to keep us alive and the future of the club in the hands of companies and individuals whose decisions now directly affect the attempts by the CPFC2010 consortium to save us
As fans, the time for sitting back and doing nothing is over, we are out of time, it’s time to show the world and AGILO, PWC, LLOYDS BANK & SIMON JORDAN that we WILL NOT LET OUR CLUB DIE without a fight, a football club is not a business but the heart of the community and it is now their responsibility to keep that heart beating.
We are calling on all Palace fans to meet at Selhurst Park at 3pm on bank holiday Monday to kick up a storm and show these companies & the national media that we will not sit back and let our club die. Now is the time for unity and strength,when the odds are stacked against us, Palace fans have always come out fighting, now we must do it once again and make a last stand.
- 3PM kick off
- MONDAY 31st MAY
- SELHURST PARK STADIUM
__________________
Then I re-tuned the radio and I couldn't give a sh*t again
I reckon about 38 people will turn up tomorrow. Good luck chaps!
In 1984 we nearly died and our situation is not so rosy now so don't revel in it too much.
It could easily come back and bite us on the bum!