[cite]Posted By: PeakieRocket[/cite]Can someone explain who Agilo are and what their involvement in Palace is - I'm a bit confused!
They are essentially a finance company who specialise in "distressed" companies.
Basically you go to them when no one else will lend you anything.
CPFC borrowed £5m off them at a very high interest rate. The collateral was the players and just about everything else that palace own (see Addickted's post above).
Seems that Agilo ran out of patience waiting for their money so pulled the plug and put the administrators in. I can only assume that they felt this was the best/quickest way to get the money they are owed but can't explain the reasoning behind that.
Steady on some of you! Schadenfreude is never really a positive or attractive sentiment, although I admit it's difficult to avoid in Jordan's particular case.
An earlier post by Bingaddick summed up perfectly all the nightmares Charlton supporters suffered during the dark days of CAFC's history 25 years ago. At that time my Palace-supporting relatives and friends were genuinely sympathetic about our fate and I feel the same for them now, in reverse. I can't see why I would want to laugh at them, just because some people connected with their club (as all clubs) are morons.
The whole structure of football finance looks increasingly unsustainable and there could be lots of clubs and supporters in this situation before long.
I would have thought that Agilo where more worried about the winding up order that HMRC had applied for, perhaps they believed that the court would agree to it. This way I believe they can get a delay of 12months before HMRC can go to court , in which time they will have sold off the best players and then the club so getting ther money back.
Just been told that the FL are going to be looking into the Agilo loan - the 'charge' on the players was not taken seriously by the FL who released funds to the football creditors (including the players wages) after Southampton coughed up for Fonte.
It would appear that the loan deal is pretty watertight (in a legal sense), though it could be considered as a 3rd party owning of the players - which the FL/FA don't allow and have several courses of action they could take, including points deduction and fines.
There are going to be some nasty twists and turns in this administration before it's settled.
We could offer to waive the £100K in exchange for Moses LOL
Seriously though, if the board can get their mits on any money at all then we should be making offers for 2/3 Palace players to help our push for top 2 (and maybe push them towards relegation)... this is a nil-sum game where every gain for us is a loss for them... and if its true that Jordan has no control then he can't say no to us if we put in fair offers!
I see people are saying we shouldn't gloat etc. so we just need to put our house in order...I just think the Charlton board simply have to ensure promotion and find the additional finance... with the right acquisitions we could be looking at the Championship play-offs in 12 months... and that would be interesting to any investors
I see some comments talk of Jordan selling up etc. but if its as bad as I can see then he gets nil... Palace is a loss making franchise playing on someone else's ground - and now everyone knows it so they get next to nothing for top players ... bit like Leeds a few years back and us in the 80s... I mean £500K for Paul Walsh AND Paul Elliot!!!
[cite]Posted By: Addickted[/cite]Just been told that the FL are going to be looking into the Agilo loan - the 'charge' on the players was not taken seriously by the FL who released funds to the football creditors (including the players wages) after Southampton coughed up for Fonte.
It would appear that the loan deal is pretty watertight (in a legal sense), though it could be considered as a 3rd party owning of the players - which the FL/FA don't allow and have several courses of action they could take, including points deduction and fines.
There are going to be some nasty twists and turns in this administration before it's settled.
Something of an irony one Club just out of Administration bailing out one just entering same by signing one of their assets. It's all just a vicious game of pass the parcel.
I can seriously see in the next few years the English game going to a 3 league system with the current League 2 becoming semi-professional. The bubble seems to have well and truly burst and things cannot carry on the way they are. Palace won't be the last this season to fall into administration that's something I'm pretty sure of. It could get to the stage that you have 5/6 teams all having a 10 point deduction, it's craziness.
[cite]Posted By: northstandsteve[/cite]i was thinkin to myself last night what would i do if charlton went out of business, it would defo be non league for me
Nah The Supporters Charlton Team created afterwards for me.
[cite]Posted By: Addickted[/cite]Just been told that the FL are going to be looking into the Agilo loan - the 'charge' on the players was not taken seriously by the FL who released funds to the football creditors (including the players wages) after Southampton coughed up for Fonte.
It would appear that the loan deal is pretty watertight (in a legal sense), though it could be considered as a 3rd party owning of the players - which the FL/FA don't allow and have several courses of action they could take, including points deduction and fines.
There are going to be some nasty twists and turns in this administration before it's settled.
Addickted - how come you always seem to know so much about Palace?
[cite]Posted By: RedArmySE7[/cite]I can seriously see in the next few years the English game going to a 3 league system with the current League 2 becoming semi-professional. The bubble seems to have well and truly burst and things cannot carry on the way they are. Palace won't be the last this season to fall into administration that's something I'm pretty sure of. It could get to the stage that you have 5/6 teams all having a 10 point deduction, it's craziness.
I think your could be right here and if not that exact scenario then something similar. The trouble is too many people think the Premier League is the only football competition in this country. For example, Ron Noades on SSN this morning was asked why so many clubs are going into admin and his answer was "you lot" (e.g Sky TV Money) and the presenter just seemed to think that as long as the Prem clubs are getting money then everything will be OK forgetting that bottom half Prem clubs and the rest of the football league actually see very little TV money and that Sky continue to widen the gap between top end Premiership clubs and a League Two.
As long as nobody thinks it's a problem nothing will change. It'll take a big club to fall into administration for any measures to be taken and by big I mean someone like Liverpool. For the sake of football I really hope it happens. I don't like Platini, but his opinion on this is absolutely spot on.
[cite]Posted By: Addickted[/cite]Just been told that the FL are going to be looking into the Agilo loan - the 'charge' on the players was not taken seriously by the FL who released funds to the football creditors (including the players wages) after Southampton coughed up for Fonte.
It would appear that the loan deal is pretty watertight (in a legal sense), though it could be considered as a 3rd party owning of the players - which the FL/FA don't allow and have several courses of action they could take, including points deduction and fines.
There are going to be some nasty twists and turns in this administration before it's settled.
Addickted - how come you always seem to know so much about Palace?
I was forced to travel to smellhurst for almost five years to watch Charlton.
I hated Ron Noades for what he tried to do to us.
I've hated the smarmy Jordan (and his brother) for the way he dis-respected my Chairman, thought he was a big man in abusing us fans and personally shat on a good friend of mine who was trying to help him/Palace out. I've kept a close interest in his financial and football matters since then.
I've waited and bided my time for his inevitable downfall and am just starting to revel in his demise. I intend to do my best to meet him face to face as soon as practically possible and show him that I'm not an imbecile.
All right, but apart from the travelling to Smellhurst, Ron Noades, dis-respecting our Chairman, shatting on your mate what has Palace ever done to us?
So Addickted, when you said you'd "been told that the FL will be looking into the Agilo loan", were you actually told or is this pure speculation on your part?
And the Agilo agreement you said you'd seen. Is it a public document?
Ok, I'm dense when it comes to money. So can someone answer this.
if and when the administrators sell enough assets to repay Agilo, what happens then?
Are they still in administration or do they have to settle or come to an agrement with other creditors?
[cite]Posted By: charltonkeston[/cite]Ok, I'm dense when it comes to money. So can someone answer this.
if and when the administrators sell enough assets to repay Agilo, what happens then?
Are they still in administration or do they have to settle or come to an agrement with other creditors?
The only way that you can exit administration without incurring another points deduction (a la Leeds) is with a valid and agreed CVA
"The timing just astonishes me. There's a week to go in the transfer window and we are about to sell Victor Moses for millions," he told the Independent.
[cite]Posted By: charltonkeston[/cite]Ok, I'm dense when it comes to money. So can someone answer this.
if and when the administrators sell enough assets to repay Agilo, what happens then?
Are they still in administration or do they have to settle or come to an agrement with other creditors?
The only way that you can exit administration without incurring another points deduction (a la Leeds) is with a valid and agreed CVA
Sorry didn't word that too well.
I was thinking more on the money side. As Agilo called in the administrators can they then walk away when thier debt is settled and leave Palace to trade or once this process is set it has to be followed through and all creditors have be paid an agreed amount? In short I take it the admin chaps are not just debt collectors?
Comments
They are essentially a finance company who specialise in "distressed" companies.
Basically you go to them when no one else will lend you anything.
CPFC borrowed £5m off them at a very high interest rate. The collateral was the players and just about everything else that palace own (see Addickted's post above).
Seems that Agilo ran out of patience waiting for their money so pulled the plug and put the administrators in. I can only assume that they felt this was the best/quickest way to get the money they are owed but can't explain the reasoning behind that.
An earlier post by Bingaddick summed up perfectly all the nightmares Charlton supporters suffered during the dark days of CAFC's history 25 years ago. At that time my Palace-supporting relatives and friends were genuinely sympathetic about our fate and I feel the same for them now, in reverse. I can't see why I would want to laugh at them, just because some people connected with their club (as all clubs) are morons.
The whole structure of football finance looks increasingly unsustainable and there could be lots of clubs and supporters in this situation before long.
It would appear that the loan deal is pretty watertight (in a legal sense), though it could be considered as a 3rd party owning of the players - which the FL/FA don't allow and have several courses of action they could take, including points deduction and fines.
There are going to be some nasty twists and turns in this administration before it's settled.
Seriously though, if the board can get their mits on any money at all then we should be making offers for 2/3 Palace players to help our push for top 2 (and maybe push them towards relegation)... this is a nil-sum game where every gain for us is a loss for them... and if its true that Jordan has no control then he can't say no to us if we put in fair offers!
I see people are saying we shouldn't gloat etc. so we just need to put our house in order...I just think the Charlton board simply have to ensure promotion and find the additional finance... with the right acquisitions we could be looking at the Championship play-offs in 12 months... and that would be interesting to any investors
I see some comments talk of Jordan selling up etc. but if its as bad as I can see then he gets nil... Palace is a loss making franchise playing on someone else's ground - and now everyone knows it so they get next to nothing for top players ... bit like Leeds a few years back and us in the 80s... I mean £500K for Paul Walsh AND Paul Elliot!!!
Oh, forgot Palace never won the world cup and won't be able to threaten an expensive legal case to fight any deduction.
Something of an irony one Club just out of Administration bailing out one just entering same by signing one of their assets. It's all just a vicious game of pass the parcel.
Nah The Supporters Charlton Team created afterwards for me.
Addickted - how come you always seem to know so much about Palace?
Can I report this poster for slander and besmirching my character?
I think your could be right here and if not that exact scenario then something similar. The trouble is too many people think the Premier League is the only football competition in this country. For example, Ron Noades on SSN this morning was asked why so many clubs are going into admin and his answer was "you lot" (e.g Sky TV Money) and the presenter just seemed to think that as long as the Prem clubs are getting money then everything will be OK forgetting that bottom half Prem clubs and the rest of the football league actually see very little TV money and that Sky continue to widen the gap between top end Premiership clubs and a League Two.
As long as nobody thinks it's a problem nothing will change. It'll take a big club to fall into administration for any measures to be taken and by big I mean someone like Liverpool. For the sake of football I really hope it happens. I don't like Platini, but his opinion on this is absolutely spot on.
I was forced to travel to smellhurst for almost five years to watch Charlton.
I hated Ron Noades for what he tried to do to us.
I've hated the smarmy Jordan (and his brother) for the way he dis-respected my Chairman, thought he was a big man in abusing us fans and personally shat on a good friend of mine who was trying to help him/Palace out. I've kept a close interest in his financial and football matters since then.
I've waited and bided my time for his inevitable downfall and am just starting to revel in his demise. I intend to do my best to meet him face to face as soon as practically possible and show him that I'm not an imbecile.
And the Agilo agreement you said you'd seen. Is it a public document?
if and when the administrators sell enough assets to repay Agilo, what happens then?
Are they still in administration or do they have to settle or come to an agrement with other creditors?
The only way that you can exit administration without incurring another points deduction (a la Leeds) is with a valid and agreed CVA
Sorry didn't word that too well.
I was thinking more on the money side. As Agilo called in the administrators can they then walk away when thier debt is settled and leave Palace to trade or once this process is set it has to be followed through and all creditors have be paid an agreed amount? In short I take it the admin chaps are not just debt collectors?