Football debts settled

AFKABartram

According to the SLP. I thought the Cardiff debt had been sold on to a 3rd party ?


CRYSTAL Palace and Cardiff have finally paid the outstanding money owed for the respective transfers of Paddy McCarthy and Mark Hudson from Charlton.

In the last fortnight both clubs have settled their debts with the Addicks, handing over six-figure fees.

Charlton had reported the two Championship sides to the Football League over the matters, but they are now satisfied that the issues are resolved.

Last month the Addicks took action against the Bluebirds, who at that point had only paid around half of the £1.075million fee agreed for the purchase of Mark Hudson in July 2009.

It was the second time Valley officials had taken such a step - in January they complained that fierce rivals Palace had failed to pay the final £100,000 instalment for the deal that took McCarthy to Selhurst Park.

Henry Irving

Was said at the EGM that Derek Chappell had covered the Cardiff money.

Think the palace money was factored.

stilladdicted

. Sorry, Henry got there first.

D_F_T

Crystal paid a fee for McCarthy??

Mugs!

redman

Did we really get over £1m for Hudson. I thought it was much less. Fantastic business as we got both these on frees.

ColinTat

McCarthy we bought, said to be £650,000 at the time. Although if memory serves it was a package with many clauses depending on appearances etc.

SpicedAddick

[cite]Posted By: Henry Irving[/cite]Was said at the EGM that Derek Chappell had covered the Cardiff money.

Think the palace money was factored.

Could you explain what you mean Henry?

Henry Irving

while we waited for the cardiff money DC lent the Club the money so we could use it.

Factoring is selling the debt to another specialist. They give you 90 - 95 per cent but you get that money straight away rather then, in the case of McCarthy, waiting for it for 12 months.


Quite common and helps cash flow.

SpicedAddick

Ah, thanks for that.