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Who put a curse on Palace?
- Thread starter philsussex
- Start date
seagullsovergrimsby
#cpfctinpotclub
The administrator is only selling players so that his firm can be paid which takes priority over the wages due to the squad.
bhaexpress
New member
Their fans have the right to feel hard done by but they need to accept that whilst it's easy to put the blame on the likes of Tangoman or Goldberg their team was living way beyond it's. Not the fault of the fans I know but still a fact. Frankly Noades would seem to be the real villain here but he's long gone.
fosters headband
Well-known member
The administrator says the club is on a knife edge.
CRYSTAL Palace will need to continue flogging their best players at knock-down prices to survive – unless the consortium aiming to buy the club step in.
Darren Ambrose, the Eagles' top scorer last season with 20 goals, will become the first to be sold when he joins Queen's Park Rangers today for £750,000.
His departure comes hot on the heels of Nick Carle's free transfer to Sydney FC this week, two years after Palace forked out £1 million to sign the Australian from Bristol City.
The Eagles' administrator Brendan Guilfoyle, of the P & A Partnership, was only financed until the end of the season and now has no way of paying the club's £800,000 monthly wage bill other than generating revenue through player sales.
Ambrose's move to Loftus Road has enabled Guilfoyle to pay May's salaries – he would have had to ask the permission of the Professional Footballers' Association to defer the wages for a month had it not gone through.
But he will need to get rid of another of Palace's top players in a month's time if the sale of the club has not taken a significant step forward.
Unfortunately for Palace, many of their key assets are out of contract this summer and can leave for nothing if they wish. Former Eagles boss Neil Warnock is intent on capitalising as he builds the Rangers squad for a play-off push next season, and soon-to-be free agents Shaun Derry and Clint Hill are also in his sights. Reports have claimed both will follow Ambrose to QPR.
But Guilfoyle needs transfer fees and will have to continue selling players to keep paying the bills unless the CPFC 2010 consortium – the prospective buyers of the club – agree to fund Palace through the summer.
He will hold a creditors' committee meeting today (Friday) to keep those creditors informed of the latest developments ahead of the CVA meeting.
Last week the consortium – headed by Eagles fans Steve Parish and Martin Long – agreed a conditional deal with Selhurst Park's administrators PricewaterhouseCoopers to buy the ground.
But they are unwilling to complete the purchase before being convinced that the terms of the creditors voluntary arrangement (CVA) - the compulsory method of exiting administration - will be accepted by those owed money by the club.
With an expected offer of one penny return for every pound owed, it will not be easy for 2010 to reach that 75 per cent threshold, particularly with former chairman Simon Jordan claiming he is owed £7.8 million.
Guilfoyle, who only recognises £1.9 million of that debt, said this week that Palace were "in a bad place" and admitted the club's future was now on a knife edge.
"Fans will be concerned because they see their star players being sold," he said.
"Now we are unfunded we need CPFC 2010 to intervene. I still feel there is every intention on the part of CPFC to complete the purchase but they need to secure the stadium first as that's the first step.
"We don't have the ability to pay the current wages. We are already dealing with what's behind us rather than what's in front."
CRYSTAL Palace will need to continue flogging their best players at knock-down prices to survive – unless the consortium aiming to buy the club step in.
Darren Ambrose, the Eagles' top scorer last season with 20 goals, will become the first to be sold when he joins Queen's Park Rangers today for £750,000.
His departure comes hot on the heels of Nick Carle's free transfer to Sydney FC this week, two years after Palace forked out £1 million to sign the Australian from Bristol City.
The Eagles' administrator Brendan Guilfoyle, of the P & A Partnership, was only financed until the end of the season and now has no way of paying the club's £800,000 monthly wage bill other than generating revenue through player sales.
Ambrose's move to Loftus Road has enabled Guilfoyle to pay May's salaries – he would have had to ask the permission of the Professional Footballers' Association to defer the wages for a month had it not gone through.
But he will need to get rid of another of Palace's top players in a month's time if the sale of the club has not taken a significant step forward.
Unfortunately for Palace, many of their key assets are out of contract this summer and can leave for nothing if they wish. Former Eagles boss Neil Warnock is intent on capitalising as he builds the Rangers squad for a play-off push next season, and soon-to-be free agents Shaun Derry and Clint Hill are also in his sights. Reports have claimed both will follow Ambrose to QPR.
But Guilfoyle needs transfer fees and will have to continue selling players to keep paying the bills unless the CPFC 2010 consortium – the prospective buyers of the club – agree to fund Palace through the summer.
He will hold a creditors' committee meeting today (Friday) to keep those creditors informed of the latest developments ahead of the CVA meeting.
Last week the consortium – headed by Eagles fans Steve Parish and Martin Long – agreed a conditional deal with Selhurst Park's administrators PricewaterhouseCoopers to buy the ground.
But they are unwilling to complete the purchase before being convinced that the terms of the creditors voluntary arrangement (CVA) - the compulsory method of exiting administration - will be accepted by those owed money by the club.
With an expected offer of one penny return for every pound owed, it will not be easy for 2010 to reach that 75 per cent threshold, particularly with former chairman Simon Jordan claiming he is owed £7.8 million.
Guilfoyle, who only recognises £1.9 million of that debt, said this week that Palace were "in a bad place" and admitted the club's future was now on a knife edge.
"Fans will be concerned because they see their star players being sold," he said.
"Now we are unfunded we need CPFC 2010 to intervene. I still feel there is every intention on the part of CPFC to complete the purchase but they need to secure the stadium first as that's the first step.
"We don't have the ability to pay the current wages. We are already dealing with what's behind us rather than what's in front."
Red n Blue Jelly Beans
& some white ones aswell
Hmmm we aren't the only club going through shit times, nor will we be the last. Sounds a bit self pittying to me.
seagullsovergrimsby
#cpfctinpotclub
Also will CPFC2010 be able to raise the £2M bond needed by the FL as a guarantee they will complete their fixtures next season ?
fosters headband
Well-known member
Another statement by the administrator.
The letter that has just been sent to staff reads as follows
ANNOUNCEMENT TO ALL STAFF - WAGES
From: Brendan Guilfoyle
I regretfully today have to announce that we will not be in a position to pay any wages tomorrow Friday 28th May, or Tuesday 1st June, despite all my efforts to avoid this situation.
As you know, I am no longer funded by Agilo who had previously funded me to the end of the season’s fixtures. I had always expected by now to be funded by a purchaser, however as CPFC 2010 have not yet secured the stadium or an agreement with the company’s unsecured creditors, funding from a purchaser will take longer than originally planned.
The strategy now is to sell players to fund the running of the Club in the immediate term. We are making progress to conclude the sale of a Player, but as of today this has not been completed. Once funding from this sale is received I will be in a position to pay 50% of your May wages immediately.
In the continued absence of funding from a purchaser, I may be required in forthcoming weeks to generate further player sale activity and it is then my intention to clear most, if not all, arrears of wages.
I do realise this this will create hardship for many and I ask you to please support the club all you can, by making alternative short term arrangements wherever possible. I will be at the Club tomorrow (Friday) and intend to speak to you all and answer your questions.
Thank you in advance for your support and understanding.
Brendan Guilfoyle
The peole who we should be feeling for atm are the non-playing staff - only half wages is not going to be easy for those with mortgages and other outgoings at the end of the month. It does confirm that DA has not definitely gone though. This has to be plan B.
The letter that has just been sent to staff reads as follows
ANNOUNCEMENT TO ALL STAFF - WAGES
From: Brendan Guilfoyle
I regretfully today have to announce that we will not be in a position to pay any wages tomorrow Friday 28th May, or Tuesday 1st June, despite all my efforts to avoid this situation.
As you know, I am no longer funded by Agilo who had previously funded me to the end of the season’s fixtures. I had always expected by now to be funded by a purchaser, however as CPFC 2010 have not yet secured the stadium or an agreement with the company’s unsecured creditors, funding from a purchaser will take longer than originally planned.
The strategy now is to sell players to fund the running of the Club in the immediate term. We are making progress to conclude the sale of a Player, but as of today this has not been completed. Once funding from this sale is received I will be in a position to pay 50% of your May wages immediately.
In the continued absence of funding from a purchaser, I may be required in forthcoming weeks to generate further player sale activity and it is then my intention to clear most, if not all, arrears of wages.
I do realise this this will create hardship for many and I ask you to please support the club all you can, by making alternative short term arrangements wherever possible. I will be at the Club tomorrow (Friday) and intend to speak to you all and answer your questions.
Thank you in advance for your support and understanding.
Brendan Guilfoyle
The peole who we should be feeling for atm are the non-playing staff - only half wages is not going to be easy for those with mortgages and other outgoings at the end of the month. It does confirm that DA has not definitely gone though. This has to be plan B.
Peter Grummit
Well-known member
What do they want for Alan Lee?
Let's offer a side of beef and a ST at Falmer.
PG
Let's offer a side of beef and a ST at Falmer.
PG