palace deal is done

[brighton rock]

CPFC2010 are pleased to announce that we have today completed the acquisition of Crystal Palace Football Club from the administrator of CPFC2000.

We have also exchanged contracts and paid a deposit on Selhurst Park, the sale will complete when we satisfy the Football Leagues requirements and CPFC2010 are assigned the Football League ‘share’.

All then that remains is for the successful conclusion of the creditors voluntary arrangement, we feel confident this will be a positive outcome, the former secured creditor of the club accepted a shortfall on their settlement, in light of this and the fact CPFC2010 were and are the only party serious about acquiring the club, we believe our offer represents the best value for creditors.

We would like to take this opportunity to thank Lloyds Banking Group for their genuine concern for the future of the club and recognition of what it meant to the community and fans and we are extremely grateful.

We would also like to thank Brendan Guilfoyle of The P&A Partnership who has done an excellent job in trying circumstances, Jon Rouse CEO of Croydon council for his unwavering support, The Administrators' team at PricewaterhouseCoopers, Daniel Norris of Hogan Lovells, CBRE, Andrew Hall & Catherine Guerin of Nicholas Hall and `The Agilo Master Fund.

Also special thanks to David Hinchliffe and Austin Judson of Walker Morris who have worked tirelessly to get the deal finalised as well as David Jensen who has worked equally hard as ambassador to the club and spokesperson for CPFC2010.

We will now start the process of rebuilding the club, starting first with the management and playing squad, all our players have been magnificent, the uncertainty of the past months has been very difficult for them particularly the out of contract players and Darren Ambrose who’s on off transfer has been extremely unsettling. We would like to extend our gratitude to all of them and assure them that we will deal with all of their respective situations as soon as we possibly can. This of course is true of all of the staff at the club who have also been amazing through this difficult time.

Finally of course the fans of Crystal Palace FC whose tremendous support in difficult conditions inspired us to keep going even when it looked like the club may indeed cease to exist in its current form. We look forward to seeing you all next season once again lending your tremendous support, it would be fantastic to pack Selhurst again and we would encourage any of you who haven’t done so already to buy a season ticket, to those of you who already have, rest assured they will all be honored by CPFC2010.

We will call a press conference soon where we will outline some of our plans for an exciting yet stable future for Crystal Palace.

Martin
Stephen
Steve
Jeremy

 

[Mackenzie]

Congratulations.

 

[itszamora]

I do genuinely have mixed feelings about the whole administration business. This isn't a dig at Palace, but what about the people laid off and so on and so forth?

It's also a bit of a disgrace that the new consortium, CPFC2010, are buying the club from a group called CPFC2000. Let's hope this lot are a bit better with their money.

 

[brighton rock]

Congratulations.

many thanks
good day for the fans of football
just hope things are run better this time?

 

[brighton rock]

I do genuinely have mixed feelings about the whole administration business. This isn't a dig at Palace, but what about the people laid off and so on and so forth?

It's also a bit of a disgrace that the new consortium, CPFC2010, are buying the club from a group called CPFC2000. Let's hope this lot are a bit better with their money.

agreed
as i have always said administration deals do stink and lots of good companys lose money
and it should be automatic religation
but cpfc2010 must get the best deal for themselves like we would if it was our money.

 

[Albion Dan]

I still struggle to understand how you can get a cva offering 1p in the pound. What a joke.

 

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[Silent Bob]

I still struggle to understand how you can get a cva offering 1p in the pound. What a joke.

Don't say things like that or you'll have them comparing themselves to impoverished African nations again.

 

[Whitterz]

Does not mean that Palace will be spending money on players left right and centre. I would imagine they will do a Stockport.

 

[Gerbil]

Good

 

[brighton rock]

I still struggle to understand how you can get a cva offering 1p in the pound. What a joke.

cpfc2010 will be paying appox 10p to 20p in the £ to the creditors but this is not paid out equal,
the secured creditor of the club agilo who have the players contracts and put us into administration must be paid first in full or less if they agree as they have first,then what left will be split between the rest at a smaller amount

hope that makes sence

 

[brighton rock]

Does not mean that Palace will be spending money on players left right and centre. I would imagine they will do a Stockport.

it would be nice just to keep one or two of the ones we have first,i would fancy the youngsters at the club would get a look in too

plus we still need a manager

 

[pishhead]

cpfc2010 will be paying appox 10p to 20p in the £ to the creditors but this is not paid out equal,
the secured creditor of the club agilo who have the players contracts and put us into administration must be paid first in full or less if they agree as they have first,then what left will be split between the rest at a smaller amount

hope that makes sence

So for arguments sake lets say Agilo are owed 5 million for example and the rest of the creditors are owed 6 million but the pot to pay is 6 million Agilo will get the full amount and the million is left to pay of the remaining creditors?

 

[brighton rock]

So for arguments sake lets say Agilo are owed 5 million for example and the rest of the creditors are owed 6 million but the pot to pay is 6 million Agilo will get the full amount and the million is left to pay of the remaining creditors?

spot on

 

[pishhead]

Fair play and whilst people get shafted in these instances it isn't the fans fault and the nuts and bolts of it are that fans are the club.

 

[Kent Seagull]

I'm pleased they will survive but think it's wrong that any club can get away with paying a pittance to creditors but will no doubt be spending money on the quest for the prem within a matter of months. Surely a plan should be agreed to pay creditors in full even if it does take some time. It must be more important to pay debts than it is to be allowed to spend on transfer fees and inflated wages for players. If they can't afford to pay debts they should have to suffer with inferior players while they pay off what they owe. That's effectively what we have had to do to avoid administration ourselves.

 

[Hiney]

 

[Dick Knights Mumm]

Ah well - and so it goes on.

 

[Tomnorthi]

BBC Sport - Football - Consortium sign Crystal Palace deal with administrator