Article in yesterdays paper. Interesting reading at the bottom. Palace out of money as of yesterday and fire sale to follow this week. Looks as if they are going down the gurglar.
Palace’s very existence has been in the balance since the club fell into administration in January, incurring a 10-point penalty. A consortium of local businessmen are in negotiations to buy the club but they have been described as ‘reluctant’ bidders and there is no guarantee they will retain their interest if Palace
fall into League One. The club’s administrators say they will have no option but to launch a fire sale of players next week if a deal is not reached.
yep SOS they sound well able to finance your survival and buy the ground
[cite]Posted By: Leroy Ambrose[/cite]Can any of our erstwhile Palace chums on here (the more erudite ones, at any rate) explain how this consortium is going to come up with the money necessary to buy the ground? I thought the main issue with that originally was that the ground owners weren't willing to sell to Jordan because he wasn't offering enough money? SInce that happened, the land will only have increased in value - and surely if there were enough money floating around before to buy the ground, Jordan would have courted whomever had the cash and either brought them in as a new investor, or sold out to them completely and recouped at least some of his investment?
My understanding of it is, that originally when Noades owned it, SJ claimed to have bought it, but lied and in fact paul kemsley and Rock Investments bought it.
Jordan had an agreement to buy it at a certain price, but couldn't afford it, and then kemsley went bust and Rock Investments went into admin. New owners Lloyds and administrators PWC are now looking at potential buyers, CPFC2010 have made a bid which falls short of PWC's valuation, and there may be potential developers interest, but nobody knows who.
I hope that negotiations are in progress, and my understanding is that CPFC2010 are PWC's preferred buyer, and they may accept a lower sum from them. (That is also my hope obviously)
The administrator has a duty to get the maximum amount of money they can to pay back any creditors. So I'd be surprised if they went down the sentimental route and accepted a lower sum. I do accept though that stranger things have happened.
[cite]Posted By: Sideways[/cite]The administrator has a duty to get the maximum amount of money they can to pay back any creditors. So I'd be surprised if they went down the sentimental route and accepted a lower sum. I do accept though that stranger things have happened.
Exactly, that's the whole point of an independant administrator. Otherwise they'll be at risk of a challlenge through the courts too. It's the market value or nothing, sentimentality or linking it to the sale of another 'asset' by a seperate administrator doesn't come into it.
[cite]Posted By: Leroy Ambrose[/cite]Can any of our erstwhile Palace chums on here (the more erudite ones, at any rate) explain how this consortium is going to come up with the money necessary to buy the ground? I thought the main issue with that originally was that the ground owners weren't willing to sell to Jordan because he wasn't offering enough money? SInce that happened, the land will only have increased in value - and surely if there were enough money floating around before to buy the ground, Jordan would have courted whomever had the cash and either brought them in as a new investor, or sold out to them completely and recouped at least some of his investment?
My understanding of it is, that originally when Noades owned it, SJ claimed to have bought it, but lied and in fact paul kemsley and Rock Investments bought it.
Jordan had an agreement to buy it at a certain price, but couldn't afford it, and then kemsley went bust and Rock Investments went into admin. New owners Lloyds and administrators PWC are now looking at potential buyers, CPFC2010 have made a bid which falls short of PWC's valuation, and there may be potential developers interest, but nobody knows who.
I hope that negotiations are in progress, and my understanding is that CPFC2010 are PWC's preferred buyer, and they may accept a lower sum from them. (That is also my hope obviously)
That's actually an excellent summarisation, thanks. I was aware that Jordan had said he had an agreement to buy it in the future, but didn't know how the ownership had managed to end up with Lloyds. Sounds like an absolute clusterfuck - Jordan should never be allowed near a business of any description in the future if that's how he runs them. Makes it all the more nailed on that the only reason he's got any money at all was him getting ridiculously lucky that the mobile phone market went nuts and he sold out the Carphone Whorehouse for a stupid amount of money.
So, what you're banking on as a club is exactly the same type of scenario as that c*** Bates engineered at Leeds? I'd be sick to my stomach if something like that ever happened at Charlton - and, whilst I detest your club and the majority of it's numpty fans, nobody who genuinely feels for a club deserves to go through this. My comiserations - you'll get out of it, but it will be the absolute end of the CPFC you know and I wouldn't be surprised if you end up groundsharing somewhere else for a while (the land Sellout is built on is worth a LOT more sold to property developers than it is as a football ground - I'd imagine you'll end up on a purpose-built stadium in some wasteland near New Addington or Waddon as part of a deal somewhere involving Croydon council and whomever buys the land)
[quote][cite]Posted By: Leroy Ambrose[/cite]Can any of our erstwhile Palace chums on here (the more erudite ones, at any rate) explain how this consortium is going to come up with the money necessary to buy the ground? I thought the main issue with that originally was that the ground owners weren't willing to sell to Jordan because he wasn't offering enough money? SInce that happened, the land will only have increased in value - and surely if there were enough money floating around before to buy the ground, Jordan would have courted whomever had the cash and either brought them in as a new investor, or sold out to them completely and recouped at least some of his investment?[/quote]
The land may have increased in value, however the company that owns the ground is also currently in administration. It is thought that an offer of £7-8m will seal the ground for the consortium. They were offering £5-6m before as that was their value on the ground if we were relegated. They will now up their offer to the level needed to secure Selhurst Park.
[quote][cite]Posted By: Sideways[/cite][url=http://www.dailymail.co.uk/sport/football/article-1270125/Fight-survival-Sheffield-Wednesday-Crystal-Palace-face-die-clash.html]Article in yesterdays paper[/url]. Interesting reading at the bottom. Palace out of money as of yesterday and fire sale to follow this week. Looks as if they are going down the gurglar.[/quote]
This is also incorrect. Unsurprising from the Daily Mail and has been completely taken out of context of what the administrator has said. He has the money to run the club for another few weeks yet and will not be selling players until into June (in my opinion, if we aren't taken over by then, we'll be out of business by June 15th). He has also said today that the consortium have made significant steps over the last couple of days but are intending on being prudent spenders unlike Simon Jordan.
[cite]Posted By: Chunes[/cite]Probably a good thing anyway. That ground is an absolute dive.
It may well be a dive, but it's our dive.
However I'd much rather stay at Selhurst, and eventually see the new owners invest in it, and bring it upto scratch, than move to one of the soulless new concrete stadiums that are becoming the norm. I remember the Valley make Selhurst look like Wembley, but now it's a very nice old style stadium, and thats what I look forward to seeing at Palace, once a takeover has been completed.
However I know this won't happen overnight, and I will have to wait patiently while the new owners find there feet, and we can get Selhurst looking like the Palace it should.
Not sure about the quoting - it often seems to go awry on here, especially if trying to quote from earlier pages in the thread. The land is worth much, much more for development than the figures you're quoting. True worth is At least 15 million, even in this market, irrespective of whether the company which owns the land is in administration. If anyone thinks the consortium is going to get it for less than ten million they're deluding themselves. Not sure why you would think the value of the ground would differ whether Palace are relegated or not - as said before, it makes no difference what division Palace are playing in - if the land that Sellout is on gets sold to anyone other than the new owners of the football club, it will be for development. Why would anyone think any new purchasers are going to rent it back out for peanuts to a football team?
I know there have been recent developements with the bank and Jordan, but I believe he is still the main debtor, and if an agreement can be made with him, then a cva will be agreed.
I know there have been recent developements with the bank and Jordan, but I believe he is still the main debtor, and if an agreement can be made with him, then a cva will be agreed.
Has he been able to get back his voting rights from Aglio ? Addickted seemed to think that they could still put another spanner in your works !
[cite]Posted By: budgie[/cite]
I know there have been recent developements with the bank and Jordan, but I believe he is still the main debtor, and if an agreement can be made with him, then a cva will be agreed.
I assume you'd be hoping that 'agreement' didnt involve him getting a seat on the board
[cite]Posted By: budgie[/cite]
I know there have been recent developements with the bank and Jordan, but I believe he is still the main debtor, and if an agreement can be made with him, then a cva will be agreed.
I assume you'd be hoping that 'agreement' didnt involve him getting a seat on the board
From what I can understand, it means he just gets an iou redeemable if we were ever to reach the hallowed land of the Premiership again.
[cite]Posted By: budgie[/cite]
I know there have been recent developements with the bank and Jordan, but I believe he is still the main debtor, and if an agreement can be made with him, then a cva will be agreed.
I assume you'd be hoping that 'agreement' didnt involve him getting a seat on the board
From what I can understand, it means he just gets an iou redeemable if we were ever to reach the hallowed land of the Premiership again.
Could be some wait.
The other major question is not only can the CPFC 2010 consortium "save" the club but what can they afford to do with it once they have saved it?
Do they have a serious amount of money to invest in the squad or is the plan simply to hang on to the players that are already at the club?
It seems to me that if they lose Ambrose and one or two others then relegation next season will be a probability and they might find themselves back at square one.
I must confess here that I have no real hatred for Palace, I was there during the Selhurst years and even then our "rivalry" seemed a bit manufactured compared to my real hatred of the Deptford Neanderthals.
I absolutely would not want to see Palace go bust, there but for the grace of the banks (and directors) go Charlton Athletic Football Club.....
OI! I'm from Deptford! Millwall ain't Deptford Ormy, it's New Cross/Bermondsey. Christ, Deptford's got enough problems without tarring it with the Millwall brush!
I grew up in Deptford Leroy and although Millwall aint in Deptford or vice versa Deptford is a Millwall area through and through and were the majority of their fans live now. However i can see what you mean Millwall is not in Deptford but Deptford is a Millwall area. Its like Canterbury in Kent has more Charlton fans than Gillingham, fans ( to be expected really)
Seems the nigels are finally on the road to recovery, although I wouldn't have much faith in CPFC2000 CPFC2010 if their spokesman on the late kick off is anything to go by! Also can't see them playing at Selhurst Park next season unless they actually own the ground.
I've seen quite a few Charlton badges in Deptford High street, although a few more millwall ones and I agree, Leroy is a Deptford Neanderthal.
[cite]Posted By: Friend Or Defoe[/cite]Seems the nigels are finally on the road to recovery, although I wouldn't have much faith in[strike]CPFC2000[/strike]I agree, Leroy is a Deptford Neanderthal.
LOL - me, GH and Ru are representing the CAFC Deptford massive - anyone else?
[cite]Posted By: Friend Or Defoe[/cite]Seems the nigels are finally on the road to recovery, although I wouldn't have much faith in[strike]CPFC2000[/strike]I agree, Leroy is a Deptford Neanderthal.
LOL - me, GH and Ru are representing the CAFC Deptford massive - anyone else?
I have a SE8 post code, but I'm not repping that endz, I'm more Lewisham than Deptford (thank fu*k!)
[cite]Posted By: Friend Or Defoe[/cite]Seems the nigels are finally on the road to recovery, although I wouldn't have much faith in[strike]CPFC2000[/strike]I agree, Leroy is a Deptford Neanderthal.
LOL - me, GH and Ru are representing the CAFC Deptford massive - anyone else?
[cite]Posted By: pauldcpfc[/cite]As asked, i'll try and respond sensibly.
The land may have increased in value, however the company that owns the ground is also currently in administration. It is thought that an offer of £7-8m will seal the ground for the consortium. They were offering £5-6m before as that was their value on the ground if we were relegated. They will now up their offer to the level needed to secure Selhurst Park.
Still nowhere near what Sainsbury's have offered.
[cite]Posted By: pauldcpfc[/cite]He has the money to run the club for another few weeks yet and will not be selling players until into June (in my opinion, if we aren't taken over by then, we'll be out of business by June 15th). He has also said today that the consortium have made significant steps over the last couple of days but are intending on being prudent spenders unlike Simon Jordan.
I'm hopeful anyway.
Guilfoyle has stated that he has funds only until 15th May - hence his creditors meeting on 17th. Palace have been given dispensation to postpone the Players bonuses until a CVA has been agreed. A minimum of a fortnights notice is required for that and has, as yet, not been given. There is no cash left at Palace unless players are sold pronto.
[cite]Posted By: budgie[/cite] I know there have been recent developements with the bank and Jordan, but I believe he is still the main debtor, and if an agreement can be made with him, then a cva will be agreed.
Turns out he isn't. £5.8m of his debt has been secured by Agilo. They are now the main creditors of CPFC 2000, they have 1st dibs on £4.3m, then 2nd dibs on the £1m they loaned post administration, then 1st dibs on the agreeing to a CVA (if they don't get their full quoto of above), followed by Lloyds, then Jordan, then HMRC.
By my calculations, I reckon CPFC2010 will require a minimum of £20m just to start afresh with SP and a CVA.
I'm pretty sure another South London Club is available for at least half that.
[cite]Posted By: pauldcpfc[/cite]As asked, i'll try and respond sensibly.
The land may have increased in value, however the company that owns the ground is also currently in administration. It is thought that an offer of £7-8m will seal the ground for the consortium. They were offering £5-6m before as that was their value on the ground if we were relegated. They will now up their offer to the level needed to secure Selhurst Park.
Still nowhere near what Sainsbury's have offered.
[cite]Posted By: pauldcpfc[/cite]He has the money to run the club for another few weeks yet and will not be selling players until into June (in my opinion, if we aren't taken over by then, we'll be out of business by June 15th). He has also said today that the consortium have made significant steps over the last couple of days but are intending on being prudent spenders unlike Simon Jordan.
I'm hopeful anyway.
Guilfoyle has stated that he has funds only until 15th May - hence his creditors meeting on 17th. Palace have been given dispensation to postpone the Players bonuses until a CVA has been agreed. A minimum of a fortnights notice is required for that and has, as yet, not been given. There isnocash left at Palace unless players are sold pronto.
[cite]Posted By: budgie[/cite]I know there have been recent developements with the bank and Jordan, but I believe he is still the main debtor, and if an agreement can be made with him, then a cva will be agreed.
Turns out he isn't. £5.8m of his debt has been secured by Agilo. They are now the main creditors of CPFC 2000, they have 1st dibs on £4.3m, then 2nd dibs on the £1m they loaned post administration, then 1st dibs on the agreeing to a CVA (if they don't get their full quoto of above), followed by Lloyds, then Jordan, then HMRC.
By my calculations, I reckon CPFC2010 will require a minimum of £20m just to start afresh with SP and a CVA.
I'm pretty sure another South London Club is available for at least half that.
I reckon that Addickted has enough material to write a book...'The rise and fall of Crystal Palace' has a certain ring to it ;0 )
Comments
fall into League One. The club’s administrators say they will have no option but to launch a fire sale of players next week if a deal is not reached.
yep SOS they sound well able to finance your survival and buy the ground
My understanding of it is, that originally when Noades owned it, SJ claimed to have bought it, but lied and in fact paul kemsley and Rock Investments bought it.
Jordan had an agreement to buy it at a certain price, but couldn't afford it, and then kemsley went bust and Rock Investments went into admin. New owners Lloyds and administrators PWC are now looking at potential buyers, CPFC2010 have made a bid which falls short of PWC's valuation, and there may be potential developers interest, but nobody knows who.
I hope that negotiations are in progress, and my understanding is that CPFC2010 are PWC's preferred buyer, and they may accept a lower sum from them. (That is also my hope obviously)
Exactly, that's the whole point of an independant administrator. Otherwise they'll be at risk of a challlenge through the courts too. It's the market value or nothing, sentimentality or linking it to the sale of another 'asset' by a seperate administrator doesn't come into it.
So, what you're banking on as a club is exactly the same type of scenario as that c*** Bates engineered at Leeds? I'd be sick to my stomach if something like that ever happened at Charlton - and, whilst I detest your club and the majority of it's numpty fans, nobody who genuinely feels for a club deserves to go through this. My comiserations - you'll get out of it, but it will be the absolute end of the CPFC you know and I wouldn't be surprised if you end up groundsharing somewhere else for a while (the land Sellout is built on is worth a LOT more sold to property developers than it is as a football ground - I'd imagine you'll end up on a purpose-built stadium in some wasteland near New Addington or Waddon as part of a deal somewhere involving Croydon council and whomever buys the land)
[quote][cite]Posted By: Leroy Ambrose[/cite]Can any of our erstwhile Palace chums on here (the more erudite ones, at any rate) explain how this consortium is going to come up with the money necessary to buy the ground? I thought the main issue with that originally was that the ground owners weren't willing to sell to Jordan because he wasn't offering enough money? SInce that happened, the land will only have increased in value - and surely if there were enough money floating around before to buy the ground, Jordan would have courted whomever had the cash and either brought them in as a new investor, or sold out to them completely and recouped at least some of his investment?[/quote]
The land may have increased in value, however the company that owns the ground is also currently in administration. It is thought that an offer of £7-8m will seal the ground for the consortium. They were offering £5-6m before as that was their value on the ground if we were relegated. They will now up their offer to the level needed to secure Selhurst Park.
[quote][cite]Posted By: Sideways[/cite][url=http://www.dailymail.co.uk/sport/football/article-1270125/Fight-survival-Sheffield-Wednesday-Crystal-Palace-face-die-clash.html]Article in yesterdays paper[/url]. Interesting reading at the bottom. Palace out of money as of yesterday and fire sale to follow this week. Looks as if they are going down the gurglar.[/quote]
This is also incorrect. Unsurprising from the Daily Mail and has been completely taken out of context of what the administrator has said.
He has the money to run the club for another few weeks yet and will not be selling players until into June (in my opinion, if we aren't taken over by then, we'll be out of business by June 15th). He has also said today that the consortium have made significant steps over the last couple of days but are intending on being prudent spenders unlike Simon Jordan.
I'm hopeful anyway.
With or without a CVA ?
You need to click the bbc code format option.
BTW Is that pauld as in paul d other one? ;-)
It may well be a dive, but it's our dive.
However I'd much rather stay at Selhurst, and eventually see the new owners invest in it, and bring it upto scratch, than move to one of the soulless new concrete stadiums that are becoming the norm. I remember the Valley make Selhurst look like Wembley, but now it's a very nice old style stadium, and thats what I look forward to seeing at Palace, once a takeover has been completed.
However I know this won't happen overnight, and I will have to wait patiently while the new owners find there feet, and we can get Selhurst looking like the Palace it should.
I know there have been recent developements with the bank and Jordan, but I believe he is still the main debtor, and if an agreement can be made with him, then a cva will be agreed.
Has he been able to get back his voting rights from Aglio ? Addickted seemed to think that they could still put another spanner in your works !
I assume you'd be hoping that 'agreement' didnt involve him getting a seat on the board
From what I can understand, it means he just gets an iou redeemable if we were ever to reach the hallowed land of the Premiership again.
Could be some wait.
The other major question is not only can the CPFC 2010 consortium "save" the club but what can they afford to do with it once they have saved it?
Do they have a serious amount of money to invest in the squad or is the plan simply to hang on to the players that are already at the club?
It seems to me that if they lose Ambrose and one or two others then relegation next season will be a probability and they might find themselves back at square one.
I must confess here that I have no real hatred for Palace, I was there during the Selhurst years and even then our "rivalry" seemed a bit manufactured compared to my real hatred of the Deptford Neanderthals.
I absolutely would not want to see Palace go bust, there but for the grace of the banks (and directors) go Charlton Athletic Football Club.....
I've seen quite a few Charlton badges in Deptford High street, although a few more millwall ones and I agree, Leroy is a Deptford Neanderthal.
Red_in_SE8
Still nowhere near what Sainsbury's have offered.
Guilfoyle has stated that he has funds only until 15th May - hence his creditors meeting on 17th. Palace have been given dispensation to postpone the Players bonuses until a CVA has been agreed. A minimum of a fortnights notice is required for that and has, as yet, not been given. There is no cash left at Palace unless players are sold pronto.
Turns out he isn't. £5.8m of his debt has been secured by Agilo. They are now the main creditors of CPFC 2000, they have 1st dibs on £4.3m, then 2nd dibs on the £1m they loaned post administration, then 1st dibs on the agreeing to a CVA (if they don't get their full quoto of above), followed by Lloyds, then Jordan, then HMRC.
By my calculations, I reckon CPFC2010 will require a minimum of £20m just to start afresh with SP and a CVA.
I'm pretty sure another South London Club is available for at least half that.
I reckon that Addickted has enough material to write a book...'The rise and fall of Crystal Palace' has a certain ring to it ;0 )