Official - Palace In Administration

[cite]Posted By: nth london addick[/cite]

[cite]Posted By: shirty5[/cite]Seen a few clips of the Palace fans protesting in the City of London this afternoon, and unless he has an identical twin, i swear i have just seen Lester (Regular Charlton fan from the late 80's and early 90's) holding a St Georges flag with CPFC on it.

where did you see it

post a link

No link, on ssn eariler this afternoon.

[cite]Posted By: budgie[/cite]

[cite]Posted By: shirty5[/cite]Seen a few clips of the Palace fans protesting in the City of London this afternoon, and unless he has an identical twin, i swear i have just seen Lester (Regular Charlton fan from the late 80's and early 90's) holding a St Georges flag with CPFC on it.

Go on admit it, you're a little jealous. If he had told you, you'd have joined him.

Jealous, no not me Roger. If it is him, then i feel sorry for him.

[cite]Posted By: kings hill addick[/cite]Maybe the money they are using to buy and fund the club is leveraged and the loans are backed with the security of the freehold of the ground. If the conditions being imposed by Centrebank effectively reduce the value of the security maybe the consortium just cannot raise the money they need.

Maybe the truth is that there is just not enough money available to purchase and fund the club without handouts from the bank. If that is the case then the consortium either need to raise more money of the cub has to be liquidated.

Looks like this could have been the case as they have now agreed in principle but have a few "funding" issues to resolve.

Either way I can't see this consortium having much money to help replace Ambrose etc for next season.

I am so pleased.

Will they ultimately be better off than ever for this?

No debt and owning the ground.

[cite]Posted By: GRAY9[/cite]Will they ultimately be better off than ever for this?

No debt and owning the ground.

Yes.

that is IF the deal is done and IF a CVA can be agreed both of which are not 100%

Big losers are the 29 people made redundant, the small and other businesses that will be forced to take a big hit on any debt at 1p in the £1. HMRC will also lose out big time.

Biggest loser will be Simon Jordan who has lost the money he put in but who will still be chased for it by the banks and Agilo.

His reputation among Palace fans is down the drain while he will also have to watch someone else run the club better than him plus re-unites the club and ground.

[cite]Posted By: nolly[/cite]they will start with some shocking points deduction

No, most likley not. They only need to agree a CVA.

[cite]Posted By: nolly[/cite]thats a real shame. saying that for some strange reason im happy for them.

go wash your mouth out nolly

see this is what is wrong with the whole admin thing

Palarse operated outside their means, they cheated the tax man, they cheated their staff they cheated local business.


And now they get to own their ground and be better off financially.

It is all wrong no matter what club it is that can not be right.


I was really hoping that their club died although deep down i knew it wouldnt i feel gutted that they are still alive i was hoping by now they would have ceased to breathe.


what a shame oh well they are such a site club run pish poorly we will be here again in 3 or 4 years.

They ground will always be shite their kit will always make them look like divs. and their Boys will always pick on kids


they will always be stripey scummy plums

[cite]Posted By: WestStandCookie[/cite]Now they are saved, we really are number 3 in South London - bad times

they will always be scum

[cite]Posted By: nolly[/cite]fuck it i lied i wanted them to go.

Ok then, me too!

[cite]Posted By: GRAY9[/cite]Administration really isn't that bad then for a club.

Clubs coming out of administration with a CVA and therefore starting up again debt free are certainly more attractive than clubs up for sale who are carrying large amounts of debt. Investors don't want to spend funds that can be used to move a club forward by paying off old debt, so the lower % settlement of the CVA the better. Palace have somehow managed 1%.

[cite]Posted By: GRAY9[/cite]Administration really isn't that bad then for a club.

No, administration is very bad for a club.

Coming out of Admin might be good but only if you have cleared the debt and got new, wealthier owners.

The alternative way of leaving administration is that liquidation which is not good.

The other thing is that you might be more attractive with less debt but more attractive to whom?

People with deep pockets and the long term interests of the club or egomaniacs like Jordan or just chancers after a quick profit.

If they still owe HMRC then it's not the taxman who suffers. It's ordinary taxpayers who have to make up the deficit. If you or I owed money to HMRC, we'd be bankrupted and be worth f% all. Doesn't seem right that clubs can walk away (nothing to do with Palace in particular) from all their obligations scot free. They've had the public services that support their business and then refuse to pay. Shame on them.

[cite]Posted By: rocking robin[/cite]My oh my you are a bitter lot arent you . I wouldnt want any club to fold why all the hatred ?

Groundsharing, well not exactly groundsharing more like they fleeced us (and Wimbledon afterwards), buying success whilst we funded it. Oh and tried to "merge" with us. Also Jordan AKA Tango man, figure of loathing in these parts after certain comments made.

Not all of us want to see them go into liquidation, but you have to ask yourself - three times in administration, should they be allowed to go for a fourth? There is something fundamentally wrong when a club their size has such a bad track record.