Gutted I never had a bet on Palace going down a few weeks ago. Although still unlikely they have now been reduced to 5/2. No doubt you could have got 33s a few weeks ago, if not more.
I think it is sad when any business goes into administration. Innocent people lose their jobs and as a consequence their homes etc. I don't think it is a matter of rejoicing whoever they may be.
Just found this on their OS its in Simon Jordans Profile
"Since becoming Chairman Simon has created a solid financial footing for the club. In 2003/04 he appointed Iain Dowie as manager at a crucial period of the campaign and his judgement was spot on as Palace won promotion to the Premiership. In his years as Chairman, Simon has truly turned the club around".
Not sure if turning the club around is what he has managed!
The administrator for Palace has just been on Sky Sports news saying he has spoken to Simon and Dominic Jordan and has advised them he is looking to re-coupe money and make it viable for them to stay in the Champonship. He put it that the only way to do this, and the way he works, is to strip assets. He was therefore going to be contacting agents to assess the value of the clubs assets....it's players. Looks like it could be a bit of a fire sale. Oh dear.
[cite]Posted By: Chizz [/cite]Of course this may all be irrelevant if HMRC wind them up on Thursday
Is that all still on? I'd have thought that the point of going into admin now would be to try and throw HMRC of the scent. It will be everyone's loss if Jordan uses this to avoid paying the taxes they've already collected and spent.
The timing of this is very interesting. they are due in court this week to face a winding up order against HMRC so will presumably be sheltered from that in the short-term. However, they have a lucrative home Cup game against PL Wolves next week that must be worth a clear £400,000 to them on top of the £1.5m for Fonte that they squeezed out of Southampton. I would have expected Jordan to have filled his pockets from that game before going into Administration. perhaps there was a real fear that they might have been wound up this week with mounting debts and no prospect of settling them?
[cite]Posted By: nolly[/cite]rember these pricks wanted to charter a plane to the valley
Nolly i hate them mate i really do and inside the thought of Jordan having to realise that he has failed at what he set out to do, and that most of those he pissed off are now ripping his club to shreds does make me smile
but i can not say that i am happy that they have gone under and tbh they will imo come out of it better off those poor fukers who are owed money wont though
[cite]Posted By: Sideways[/cite]The administrator for Palace has just been on Sky Sports news saying he has spoken to Simon and Dominic Jordan and has advised them he is looking to re-coupe money and make it viable for them to stay in the Champonship. He put it that the only way to do this, and the way he works, is to strip assets. He was therefore going to sell Jordan two watches that he wears. Times up mate.
[cite]Posted By: Cardinal Sin[/cite]The timing of this is very interesting. they are due in court this week to face a winding up order against HMRC so will presumably be sheltered from that in the short-term. However, they have a lucrative home Cup game against PL Wolves next week that must be worth a clear £400,000 to them on top of the £1.5m for Fonte that they squeezed out of Southampton. I would have expected Jordan to have filled his pockets from that game before going into Administration. perhaps there was a real fear that they might have been wound up this week with mounting debts and no prospect of settling them?
Work with lots of Palace fans, many are utter diamonds, and for them I feel sympathetic. I reckon they will stay up, and maybe a decent new regime will emerge, ironically things may even improve because of it.
I am NOT sympathetic towards Simon Jordan or those Palace fans who can be stupidly patronizing and triumphalist by turn. Remember they have let their fan base drift, despite having Croydon on their doorstep, and they have to face the Selhurst Park problem sooner of later.
With the distinct possibility we will stay in div 3 next season, we should be making sure we can survive financially. If Palace on the cheapish have a number of potential buyers (IF that is true), then maybe there is fresh money out there to invest in us.
They ought to give us the Paddy McCarthy money mind.
There but for the grace of.................£7m from our board
Delighted to see the suffering of Jordan and those Palace fans who laughed and started their "Charlton:countdown to administration" threads etc. Had a quick look at the Palace BBS and unbelievably some of them are boasting how "at least (our administration) was on the SSN tickertape, Charlton would be on Mock the Week".
Other than that not going to gloat too much. People who live in Crystal Palaces and all that.
People will lose jobs and business will get 10 or 20p in the £.
The knock on effect for other clubs, ie banks tightening the screws even more, will hurt as well.
But Richard, if you are reading this tomorrow would be a good day to announce that a billionaire is joining the board ; - )
Been speaking to my Palace source who told me Jordan is furious over this as Agilo has brought in their administrators to maximise the revenue they can get - and they've done it behind Jordans back.
Jordan has been playing the wide boy with them in trying to renegotiate their loan (15%+ PA), but they've sent in forensic accountants to look at their books and decided that the loan was just too risky. Rather than let Jordan minimise his losses by taking the administration route himself, they've beaten him to it. "He's a little boy playing with real men". :-)))
HMRC are also going to be furious as now the debts are prioritised with Clubs owed money (like us, Ipswich, Bristol City - and the players) taking first dibs, followed by Agilo with their 'charge' over the players and HMRC coming in third place. Apparantly they were going to demand a winding up order as Palace had defaulted on previous arrangements and the actual debt to them was almost three times the amount mentoined in the petition. This is another reason for Agilo acting today.
Now the really good news - the Jordan brothers have been removed from all involvment in the Club and the Orange won may have his assets frozen as he is personally liable for a lot of the debt. Let's hope Dominic Jordan is the only one to be sacked by the administrator.
Agree with AFKA - we should be taking the moral high ground and feel sorry for the true football fans who support Palace through thick and thin and, of course, their staff, some of whom are bound to be laid off.
Now let's hope Newcastle smash them all over the park tomorrow night and their players have to find their own way back home from geordie land.
[cite]Posted By: Addickted[/cite]Been speaking to my Palace source who told me Jordan is furious over this as Agilo has brought in their administrators to maximise the revenue they can get - and they've done it behind Jordans back.
Jordan has been playing the wide boy with them in trying to renegotiate their loan (15%+ PA), but they've sent in forensic accountants to look at their books and decided that the loan was just too risky. Rather than let Jordan minimise his losses by taking the administration route himself, they've beaten him to it. "He's a little boy playing with real men". :-)))
HMRC are also going to be furious as now the debts are prioritised with Clubs owed money (like us, Ipswich, Bristol City - and the players) taking first dibs, followed by Agilo with their 'charge' over the players and HMRC coming in third place. Apparantly they were going to demand a winding up order as Palace had defaulted on previous arrangements and the actual debt to them was almost three times the amount mentoined in the petition. This is another reason for Agilo acting today.
Now the really good news - the Jordan brothers have been removed from all involvment in the Club and the Orange won may have his assets frozen as he is personally liable for a lot of the debt. Let's hope Dominic Jordan is the only one to be sacked by the administrator.
Agree with AFKA - we should be taking the moral high ground and feel sorry for the true football fans who support Palace through thick and thin and, of course, their staff, some of whom are bound to be laid off.
Now let's hope Newcastle smash them all over the park tomorrow night and their players have to find their own way back home from geordie land.
Perhaps Dowie can give them directions ;-)
so some interesting times for mr slimes ahead couldnt happen to a nicer fella
[cite]Posted By: jimmymelrose[/cite]Isn't it a bit contradictory to say that we should laugh at Palace because they laughed at us when we got relegated?
Who started all this laughing at the other nonsense anyway?
We started it back in 2005 and we should stop now.
D, you are old enough to remember the laughter while we were at Selhurst. We didn't start the fire.
Let's allow ourselves a little smirk at the fate of the Orange moron and the "legacy" he has left Palace and then get back to wondering what we as fans can do to prevent Charlton going the same away.
Ask not for whom the bell tolls; it tolls for thee.
Puts to bed the hope that Palace will come straight out of admin as they have a rich buyer lined up. Agilo will take what they are owed and that wont leave much but how do Agilo have preference over HMRC?
I know they have a charge on the players but how much and what % can they demand.
Presume next step will be for PWC to evict from Selhurst and sell for property
[cite]Posted By: jimmymelrose[/cite]Isn't it a bit contradictory to say that we should laugh at Palace because they laughed at us when we got relegated?
Who started all this laughing at the other nonsense anyway?
We started it back in 2005 and we should stop now.
D, you are old enough to remember the laughter while we were at Selhurst. We didn't start the fire.
Let's allow ourselves a little smirk at the fate of the Orange moron and the "legacy" he has left Palace and then get back to wondering what we as fans can do to prevent Charlton going the same away.
Ask not for whom the bell tolls; it tolls for yea.
I don't remember 'laughter' as such. I do remember having to 'give' them John Humphrey and that really pissed me off. For a long while I hated them for that. However, we got back to The Valley in 1992 and by 2005 when we relegated them I felt no great joy about it. I won't say that I didn't find it funny but I didn't join in with the singing as I just found that stupid. I remember feeling uncomfortable about it. Now that we are 5 years further down the line I just find it all really childish.
[cite]Posted By: Henry Irving[/cite]Thanks Addickted,
Has that been posted on the BBS yet?
Puts to bed the hope that Palace will come straight out of admin as they have a rich buyer lined up. Agilo will take what they are owed and that wont leave much but how do Agilo have preference over HMRC?
I know they have a charge on the players but how much and what % can they demand.
Presume next step will be for PWC to evict from Selhurst and sell for property
I thought that Agilo hold some sort of security on the players contracts (though not sure how as it's illegal - see Tevez affair); they do get first call on all monies made on player sales though as part of their loan deal - after the money has been through the FLs hands. I suspect they've somehow deemed themselves to be football creditors.
HMRC have suspended the winding up petition for 12 months - so that's the least of their worries at the moment.
Just one more bit of tattle on Jordans liability - the £9+M overdraft with Lloyds bank, is backed up by Jordans own money held in escrow. He's getting neare to doing that dance for me :-)
As far as PWC are concerned, their tenant, who hasn't paid the rent for 12 months, who has just gone into administration and with the likelihood of them getting 10p in the pound back must be seriously concerned. Don't forget, it's their duty to maximise their revenue/return on behalf of the creditors of Rock Investments (known debts of £500m). They would be far better off selling the freehold to whoever is able to match their valuation as quickly as possible. They could turn up and 'lock the gates' tomorrow should they so wish.
There has been an offer for the freehold of SP made recently...........
Comments
Although still unlikely they have now been reduced to 5/2.
No doubt you could have got 33s a few weeks ago, if not more.
"Since becoming Chairman Simon has created a solid financial footing for the club. In 2003/04 he appointed Iain Dowie as manager at a crucial period of the campaign and his judgement was spot on as Palace won promotion to the Premiership. In his years as Chairman, Simon has truly turned the club around".
Not sure if turning the club around is what he has managed!
I can't help but smile at Jordan's demise. :-)
Is that all still on? I'd have thought that the point of going into admin now would be to try and throw HMRC of the scent. It will be everyone's loss if Jordan uses this to avoid paying the taxes they've already collected and spent.
Nolly i hate them mate i really do and inside the thought of Jordan having to realise that he has failed at what he set out to do, and that most of those he pissed off are now ripping his club to shreds does make me smile
but i can not say that i am happy that they have gone under and tbh they will imo come out of it better off those poor fukers who are owed money wont though
Yup....tis true. This was posted on 17 January 2010 http://www.palace-isa.co.uk/news.shtml advising of the winding up order.
I am NOT sympathetic towards Simon Jordan or those Palace fans who can be stupidly patronizing and triumphalist by turn. Remember they have let their fan base drift, despite having Croydon on their doorstep, and they have to face the Selhurst Park problem sooner of later.
With the distinct possibility we will stay in div 3 next season, we should be making sure we can survive financially. If Palace on the cheapish have a number of potential buyers (IF that is true), then maybe there is fresh money out there to invest in us.
They ought to give us the Paddy McCarthy money mind.
But hope they at least come and join us in Division 3.
Delighted to see the suffering of Jordan and those Palace fans who laughed and started their "Charlton:countdown to administration" threads etc. Had a quick look at the Palace BBS and unbelievably some of them are boasting how "at least (our administration) was on the SSN tickertape, Charlton would be on Mock the Week".
Other than that not going to gloat too much. People who live in Crystal Palaces and all that.
People will lose jobs and business will get 10 or 20p in the £.
The knock on effect for other clubs, ie banks tightening the screws even more, will hurt as well.
But Richard, if you are reading this tomorrow would be a good day to announce that a billionaire is joining the board ; - )
Somehow, not sure it needs to be a sticky ;-)
Who started all this laughing at the other nonsense anyway?
We started it back in 2005 and we should stop now.
Jordan has been playing the wide boy with them in trying to renegotiate their loan (15%+ PA), but they've sent in forensic accountants to look at their books and decided that the loan was just too risky. Rather than let Jordan minimise his losses by taking the administration route himself, they've beaten him to it. "He's a little boy playing with real men". :-)))
HMRC are also going to be furious as now the debts are prioritised with Clubs owed money (like us, Ipswich, Bristol City - and the players) taking first dibs, followed by Agilo with their 'charge' over the players and HMRC coming in third place. Apparantly they were going to demand a winding up order as Palace had defaulted on previous arrangements and the actual debt to them was almost three times the amount mentoined in the petition. This is another reason for Agilo acting today.
Now the really good news - the Jordan brothers have been removed from all involvment in the Club and the Orange won may have his assets frozen as he is personally liable for a lot of the debt. Let's hope Dominic Jordan is the only one to be sacked by the administrator.
Agree with AFKA - we should be taking the moral high ground and feel sorry for the true football fans who support Palace through thick and thin and, of course, their staff, some of whom are bound to be laid off.
Now let's hope Newcastle smash them all over the park tomorrow night and their players have to find their own way back home from geordie land.
Perhaps Dowie can give them directions ;-)
so some interesting times for mr slimes ahead couldnt happen to a nicer fella
D, you are old enough to remember the laughter while we were at Selhurst. We didn't start the fire.
Let's allow ourselves a little smirk at the fate of the Orange moron and the "legacy" he has left Palace and then get back to wondering what we as fans can do to prevent Charlton going the same away.
Ask not for whom the bell tolls; it tolls for thee.
Has that been posted on the BBS yet?
Puts to bed the hope that Palace will come straight out of admin as they have a rich buyer lined up. Agilo will take what they are owed and that wont leave much but how do Agilo have preference over HMRC?
I know they have a charge on the players but how much and what % can they demand.
Presume next step will be for PWC to evict from Selhurst and sell for property
I don't remember 'laughter' as such. I do remember having to 'give' them John Humphrey and that really pissed me off. For a long while I hated them for that. However, we got back to The Valley in 1992 and by 2005 when we relegated them I felt no great joy about it. I won't say that I didn't find it funny but I didn't join in with the singing as I just found that stupid. I remember feeling uncomfortable about it. Now that we are 5 years further down the line I just find it all really childish.
I thought that Agilo hold some sort of security on the players contracts (though not sure how as it's illegal - see Tevez affair); they do get first call on all monies made on player sales though as part of their loan deal - after the money has been through the FLs hands. I suspect they've somehow deemed themselves to be football creditors.
HMRC have suspended the winding up petition for 12 months - so that's the least of their worries at the moment.
Just one more bit of tattle on Jordans liability - the £9+M overdraft with Lloyds bank, is backed up by Jordans own money held in escrow. He's getting neare to doing that dance for me :-)
As far as PWC are concerned, their tenant, who hasn't paid the rent for 12 months, who has just gone into administration and with the likelihood of them getting 10p in the pound back must be seriously concerned. Don't forget, it's their duty to maximise their revenue/return on behalf of the creditors of Rock Investments (known debts of £500m). They would be far better off selling the freehold to whoever is able to match their valuation as quickly as possible. They could turn up and 'lock the gates' tomorrow should they so wish.
There has been an offer for the freehold of SP made recently...........
From that old bastard (I hate Jordan) Noades.