Crystal Palace New Owners to Eclipse Manchester City
The Independent, PA
Thursday,
Crystal Palace look set to make the English game sit up and take notice, once the men behind the consortium who have been given 'preferred bidder' status go public. The businessmen who are buying the club have massive plans to challenge the biggest clubs in the English game and have the backing of middle east investors, who will hold a majority share in the group, called CPFC 2010. The involvement of the cash rich investors has encouraged Simon Jordan to accept an equity stake in the new venture, in return he will write off his cash loans to the old club.
Administrator Brendan Guilfoyle, has confirmed that the funds are now in place for a takeover.
Palace fan Steve Parish, the chief executive of the TAG Worldwide advertising design company, is believed to be involved, but will likely only hold a 5% equity stake in the new company, the same share as two other local businessmen. 75% will be owned by TAG Worldwides premier business partner, Dubai based Zabeel Investments. The takeover deal hinged on the purchase of the club's Selhurst Park ground which was in the hands of separate administrators PricewaterhouseCoopers. Zabeel Investments are believed to have agreed a deal to take the ground out of administration and immediately hand it over to the ownership of the Crystal Palace supporters trust.
Palace entered administration in January and were deducted 10 points to leave them facing relegation from the Coca-Cola Championship. Zabeel Investments will hope the club stay in the Championship for next season when the reported investment in the first team squad is expected to guarantee a return to the Premier League. Guilfoyle revealed last week the club cannot be financed beyond the end of the season., however the finances available once the deal is complete will be way beyond any competition in the Championship and will rival Manchester City’s financial muscle in the Premiership.
Guilfoyle said: "I am very pleased to have granted preferred-bidder status to the CPFC 2010 consortium. I am more than satisfied that they have finances beyond anything the long suffering fans of this club could have dreamed of and the new club will reach agreement with the creditors of the former club.” Guilfoyle has suggested that Crystal Palace fans may be asked to support the new owners in a major community project in recognition of the gift of the stadium. In a separate deal. Zabeel are thought to have purchased the adjoining Sainsbury’s supermarket and plan to turn it into a mosque, where Palace fans will be expected to join players and staff in pre-match prayer.
"The key was the purchase of the stadium and I am hopeful that the CPFC 2010 consortium can have constructive negotiations with the supporters trust to accept the conditional hand over of the stadium”
"However, time is of the essence and the supporters need to be 100% behind the new owners."
The final 10% of equity has been offered to the major creditor of the current club which is in administration and it is understood that the individual concerned has already demonstrated his backing of the ground breaking plans by changing his name to Sheikh Horan Je Tossa.
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Comments
It's sickening though that they'll be challenging at the top of the Premier League in a few years while we're slumming it out in Leagues 1 and 2. :'-(
not such a good april fool if you dont understand the hate towards them
The thought of Palace being massive made me sick to the stomach - very good!
Nice one!!
I think everyone who's posted on this thread knew it was a joke.
I got as far as Simon Jordan writing off his loans to the club.
Good one.