Official - Palace In Administration

[cite]Posted By: Friend Or Defoe[/cite]Work in progress

Don't knock it. Already "Doug, Adam AND Steve like this"

A complex legal wrangle over the control of Selhurst Park is hindering the potential sale of Crystal Palace.
The battle has significant repercussions because the Coca-Cola Championship club, who are in administration, are unlikely to be sold unless stadium ownership is part of any deal.
That is not certain because the company that owns the ground is under the control of a separate administrator, PricewaterhouseCoopers. But the accountancy company does not yet have the authority to take control of the ground and set a price on the site because of legal obstacles. Until those are resolved, Palace are in limbo.
Concerns have led Andrew Pelling, the MP for Central Croydon, to write to Lloyds, which holds the £12 million mortgage on the ground, and Croydon Council is adamant that the site must remain the club’s home or at the very least a sports stadium, effectively issuing a warning to property developers considering buying the site. More pressing, however, is that Brendan Guilfoyle, a joint-administrator from P&A Partnership, had believed that he had obtained sufficient money, through the sale of Victor Moses for an initial £2 million to Wigan Athletic, to run the club until the end of the season.
But now Guilfoyle has received a demand for £1 million in unpaid rent and the club must also pay another £1 million to the stadium owner in April as part of a rental agreement made when the ground changed hands in 2008. That deal meant the club’s rent increased from £350,000 to £1.2 million, for which Palace agreed also to pay a £2 million fee, half of which has been paid.
Even exiting administration will be an onerous task. The club have debts of £32 million, about £20 million of which is owed to Simon Jordan, who bought the club ten years ago.
Jordan’s concern that he could receive a fraction of that amount means that he could choose not to endorse a potential takeover if other creditors are paid higher proportions. That could lead to a further points penalty for not exiting in accordance with Football League demands.
Victory at home to Aston Villa in the FA Cup fifth round on Sunday would earn the club £180,000, small change in relation to their problems.

[cite]Posted By: No.1 in South London[/cite]A complex legal wrangle over the control of Selhurst Park is hindering the potential sale of Crystal Palace.
The battle has significant repercussions because the Coca-Cola Championship club, who are in administration, are unlikely to be sold unless stadium ownership is part of any deal.
That is not certain because the company that owns the ground is under the control of a separate administrator, PricewaterhouseCoopers. But the accountancy company does not yet have the authority to take control of the ground and set a price on the site because of legal obstacles. Until those are resolved, Palace are in limbo.
Concerns have led Andrew Pelling, the MP for Central Croydon, to write to Lloyds, which holds the £12 million mortgage on the ground, and Croydon Council is adamant that the site must remain the club’s home or at the very least a sports stadium, effectively issuing a warning to property developers considering buying the site. More pressing, however, is that Brendan Guilfoyle, a joint-administrator from P&A Partnership, had believed that he had obtained sufficient money, through the sale of Victor Moses for an initial £2 million to Wigan Athletic, to run the club until the end of the season.
But now Guilfoyle has received a demand for £1 million in unpaid rent and the club must also pay another £1 million to the stadium owner in April as part of a rental agreement made when the ground changed hands in 2008. That deal meant the club’s rent increased from £350,000 to £1.2 million, for which Palace agreed also to pay a £2 million fee, half of which has been paid.
Even exiting administration will be an onerous task. The club have debts of £32 million, about £20 million of which is owed to Simon Jordan, who bought the club ten years ago.
Jordan’s concern that he could receive a fraction of that amount means that he could choose not to endorse a potential takeover if other creditors are paid higher proportions. That could lead to a further points penalty for not exiting in accordance with Football League demands.
Victory at home to Aston Villa in the FA Cup fifth round on Sunday would earn the club £180,000, small change in relation to their problems.

I'm sure a lot of that was what I posted 3 days ago - especially the £1m additional payment due in April.

I wonder where these Journo's get their information from? ;-)

[cite]Posted By: Addickted[/cite]I wonder where these Journo's get their information from? ;-)

Charlton Life message board, of course.

Same as every Journo.

[cite]Posted By: AFKABartram[/cite]So what do we make of credible rumours that Warnock may be going to QPR ?

We keep quiet about them and we hope they're not true. Because that would be terrible for Palace and we wouldn't want that. Would we?

[cite]Posted By: Oggy Red[/cite]

[cite]Posted By: Chizz[/cite]

[cite]Posted By: AFKABartram[/cite]So what do we make of credible rumours that Warnock may be going to QPR ?

We keep quiet about them and we hope they're not true. Because that would be terrible for Palace and we wouldn't want that. Would we?

And who would go to Palace ...... Iain Dowie???

;o)

Pardew?

[cite]Posted By: Chizz[/cite]Pardew?

No ....... he's not been fired by Southampton yet.
And when he is, he'll need to wait for his compensation and pay off package.

I understand Alan Curbishley is looking to get back into management.

Curbs managing Palace, anyone?

[cite]Posted By: Chizz[/cite]

[cite]Posted By: Oggy Red[/cite]

[cite]Posted By: Chizz[/cite]

[cite]Posted By: AFKABartram[/cite]So what do we make of credible rumours that Warnock may be going to QPR ?

We keep quiet about them and we hope they're not true. Because that would be terrible for Palace and we wouldn't want that. Would we?

And who would go to Palace ...... Iain Dowie???

;o)

Pardew?

I don't imagine SuperAl would go anywhere near a club without money...

[cite]Posted By: falconwood_1[/cite]

[cite]Posted By: Oggy Red[/cite]

[cite]Posted By: Chizz[/cite]Pardew?

No ....... he's not been fired by Southampton yet.
And when he is, he'll need to wait for his compensation and pay off package.

I understand Alan Curbishley is looking to get back into management.

Curbs managing Palace, anyone?

Tsk Oggy, everyone Curbs is next in line for Real Madrid.


After he's finished with Man Utd after Fergie.

obv.

Curbs has been out of managemen for a while now, so what better place than Palace to prove his worth?

What d'you think, Ooh Aah .....?

I would have thought that the administrators would be quite happy to see Warnock go. He must be on quite a high wage and they might get some compensation for him.

[cite]Posted By: SparrowsLane[/cite]I would have thought that the administrators would be quite happy to see Warnock go. He must be on quite a high wage and they might get some compensation for him.

Good point.

Where are these 'credible' rumours from? If it isn't from addicted then I don't believe it.

[cite]Posted By: AFKABartram[/cite]So what do we make of credible rumours that Warnock may be going to QPR ?

I thought Lothar Mattaus was favourite to be the next QP HaHa manager

[cite]Posted By: SparrowsLane[/cite]

[cite]Posted By: Addickted[/cite]

[cite]Posted By: SparrowsLane[/cite]I would have thought that the administrators would be quite happy to see Warnock go. He must be on quite a high wage and they might get some compensation for him.

£15k a week.

Alleged £1m compensation - as per Dowie.

Now that the Transfer Window has closed, this must be the only way the administrators can get any serious cash into the club prior to the end of the season.

Maybe he's going to argue that QPR is closer to his family's home up north...

Crystal Palace: The club where they actually encourage you to throw coins at the players

[cite]Posted By: bingaddick[/cite]

[cite]Posted By: Henry Irving[/cite]

[cite]Posted By: SparrowsLane[/cite]I would have thought that the administrators would be quite happy to see Warnock go. He must be on quite a high wage and they might get some compensation for him.

Good point.

Where are these 'credible' rumours from? If it isn't from addicted then I don't believe it.

They come from the bloke who was first with the news that they had gone into administration before it was public knowledge.

You can get updates from the website Crystal Palace news now. It's the same for Charlton and all football clubs and is updated as when any news from any website is posted.

According to the report, Warnock has asked to leave. Can't blame him as the Admins wanted him out when they took over. Also, news has it that Richard Branson is interested in Palace but is unlikely to invest. If he's shown an interest in them, surely he would be looking at us too. I'd certainly be happy 'Virgin Valley'.