Official - Palace In Administration

TRUST TO LAUNCH MAJOR FUNDRAISING SCHEME
The Crystal Palace Supporters’ Trust is launching a major fundraising initiative to support the CPFC (2010) consortium in their efforts to purchase the club and Selhurst Park.

Why are we doing this?
Although the club now has a preferred bidder in place, there can be no room for complacency. The season finishes in under a week and, with no income streams due into the club over the summer and talks over a potential takeover still on-going, the Trust believes that a contingency fund should be put in place now in case it is needed to ensure the survival of Crystal Palace FC.

“No one should be complacent that a deal [to buy the club and ground] will happen and
any and all contingencies that can be, should be put in place.”
CPFC (2010) consortium

How will the money be raised?
The Trust will launch a loan notes scheme similar to that initiated in 2000, which raised over £1m in a short space of time. Details will be issued on the www.cpstrust.org.uk website very shortly. It is anticipated that the notes will be issued in £500 units.

“We would welcome discussions with the Trust around how these funds may be used
and would see them returned to fans if no such agreement can be reached.”
CPFC (2010) consortium

How will the money be used?
All options will be considered ranging from seeking a fans’ stake in the ownership of Selhurst Park, a share in the club or even ensuring the very survival of Crystal Palace FC, if the need arises. No decision on how to use the fighting fund would be made before those supporters who have taken out loan notes have been consulted.

THIS IS ARGUABLY THE MOST CRITICAL POINT IN THE HISTORY OF CRYSTAL PALACE FOOTBALL CLUB. WE MUST ACT NOW TO HELP SAFEGUARD THE FUTURE OF THIS GREAT CLUB.

[cite]Posted By: budgie[/cite]Come on Lloyds, you know it makes sense.

Budgie - I'm not having a go at you here because it's Palace, so don't think I'm just on a wind-up, but it depresses me that football clubs can use the 'community aspect' of the club as a bit of hand-wringing to try and convince administrators to accept a worse deal for the creditors than they would otherwise get. Sooner or later, it has to stop somewhere - I remember everyone being up in arms when that c*** Bates pulled a stunt like this as Leeds a couple of years back - he offered to pay the revenue back a penny in the pound and was lambasted for it. Whilst the emotional blackmail being proposed by the trust here isn't anything like as ludicrous as Uncle Ken's 'offer', it's just a further example of a poorly run football club which - in any other business - would have been squashed out of existence long ago, using administration to wipe a load of debts clean and 'start again'.

[cite]Posted By: Leroy Ambrose[/cite]

[cite]Posted By: IA[/cite]I don't know the whole situation there, but the centre of this article doesn't seem right to me. Any thoughts?

Problems with Palace

Well, smack in the centre is a bit that says Bolton's crowds have 'soared'. The half-empty Reebok every other week must be an illusion then...

I knew I'd regret the word 'centre' in there.

I'm just not convinced about the 'Jordan was just too much of a Palace fan' line

I knew you were being facetious. Sorry, should've had a smiley there.

Fair play. I wasn't thinking 'malice', more playing God and egomania.

Statement of affairs / creditors listing has been submitted to Companies House

interesting creditors as at 27 Jan include:

Blackburn Rovers £352k
Benfica £239k
West Ham £208k
Charlton £200k
Ipswich £200k
Austria Vienna £78k
Sunderland £10k

I'm assuming that most if not all of these football debts have been paid with the Moses money.

P McCarthy agent £48k
First Artists £48k
N Carle agent £29k

Also owe PAYE of £1.5m and VAT of £0.7m

London Ambulance £22k
Croydon Council rates £86k though this is up to 31 March so it will be 2 months worth lower
St Johns Ambulance £16k

There will be more.

They valued their squad at £24m (before Moses was sold but that is still OTT) and goodwill £6.5m.

Leasehold Improvements £1.6m - Not sure how this is an asset

On the other side all the advance ST holders are put in as creditors to the tune of £3.1m

All this doesn't include what they owe Jordan

I hope the go down but not out. Really don't like the way football is going at the moment.

Fair play to their trust actually doing something - they seem like they are working really hard to get some solutions rather than bitching about it.

Accrued Season Ticket revenue up to Season 2024/25!!!!

[cite]Posted By: ShootersHillGuru[/cite]So they still owe us 200k. Will not be pleased if the administrator accepts a lower bid than others just to save CP's community credentials and means we get less as a result !

Unlikely.

Some would have been paid from the Moses money which the League held back, football debts have to be paid in full and we may have factored the debt already.

List of Creditors

[cite]Posted By: Addickted[/cite]"Orange People Solutions Group"

Fnnnnaaaaarrrr.

Yes, I thought that was great.

£0.25m put into his other failures eg Telstar and his resturant

[cite]Posted By: GRAY9[/cite]If they haven't paid us couldn't we just take the player back?

No, because they will have paid us some of it already.

[cite]Posted By: GRAY9[/cite]If they haven't paid us couldn't we just take the player back?

So all they owe is £4m?

Trade Creditors £ 3,639,301
Accruals (Creditors who've not yet invoiced them) £ 486,819
Overdraft £ 9,214,319
Bank Loan £ 1,675,527
PAYE & NI £1,488,876
VAT £ 656,212
Leases £ 326,233
External Loans £ 528,691

Total £ 18,015,978

Plus

Deferred income (incl ST) of £ 3,872,400
Jordan Loan £ 7,872,911
Agilo £5m? Not sure if this is in the accounts already.

So Jordan actually owes Palace £277,210.

They've priced their 'dome' as worth £200k, desite it requiring £150k worth of repairs to allow it to operate.

Players worth £24m - how could we have let Ambrose go on a free, he must be rated at £10m for that figure.

£6.5m 'goodwill' - not from that list of creditors that's for sure.

Take away the sevured football debt and what they Agilo, those that need to take a 'hit' if they accept a CVA are;

Trade Creditors £3,639,301
Accruals £486,819
Bank Overdraft £9,214,319
Bank Loan £1,675,527
PAYE & NI £1,488,876
VAT £656,212
Finance Leases £326,233
Season Tickets Holders £3,175,611
Deferred Income £696,789
Martin Long Loan £70,175
Scottish & Newcastle Loan £39,416
Football League Loan £419,100
Simon Jordan Loan £7,782,911

TOTAL £29,761,288

[cite]Posted By: Sideways[/cite]As an aside Wednesday Vs Palace is on the BEEB on Sunday at 12:40. (Rubs hands together in anticipation) ;-)

Nice, now to find a pub filled with Charlton fans!

How on earth do you calculate the value of "goodwill"? Is it just the value of the debt they think no-one will bother chasing them for, because otherwise I can't see how that'd be worth 6.5k let alone 6.5m.

[cite]Posted By: Sideways[/cite]As an aside Wednesday Vs Palace is on the BEEB on Sunday at 12:40. (Rubs hands together in anticipation) ;-)

Damnit, I'll be on a train to Nottigam, hope I can sort a radio, gotta listen to the nigels get relegated.