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Palace go into administration...
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Dave the OAP
Well-known member
the problem is for Palace you could read 90% of the football clubs in this country. Most of football is built on straw.....to get or stay in the Prem, they get in foreign mercenaries on rediculous salaries...they drop out of the prem and then cant afford to keep the clubs going.....the only way football survives in its present form is SKY Tv's millions and rich owners like Abramovitch etc...bloody hell Jordan has put in 20milliomn to Palace and they are still in the shit.
I really do hope it is not Palace, but I can see a host of clubs going this way and the thing that really gets me is why the f*** should football clubs be able to get away with not paying tax and national insurance over to the tax man, when 99.99% of people on here pay theirs over in PAYE or the like.
I really do hope it is not Palace, but I can see a host of clubs going this way and the thing that really gets me is why the f*** should football clubs be able to get away with not paying tax and national insurance over to the tax man, when 99.99% of people on here pay theirs over in PAYE or the like.
Sweeney Todd
New member
The irony is that, had Palace not spent a season in the Premiership, they would probably be in a relatively healthy state financially.
Twinkle Toes
Growing old disgracefully
Fair play to you for that, but what you gonna do if & when the structure totally collapses underneath you: suddenly sprout some wings & fly away from the wreckage??
Selhurst Wonderland
Banned
And this is where the finacial problems lie.
It makes me laugh when certain posters demonise us for going into administration.
Sky should shoulder much blame for it's distribution of wealth between clubs.
Dave the OAP
Well-known member
which is my point in a nutshell....the sooner the premiership fucks off to a european league and leaves the rest of us to enjoy our English league the better
Sweeney Todd
New member
Whatever happens to Palace, Jordan will come out of this situation smiling, even if he is declared bankrupt.
Kevin Maxwell was declared bankrupt a while back, but he carried on living in his big house in Oxford (where I live) and driving his flash car.
Kevin Maxwell was declared bankrupt a while back, but he carried on living in his big house in Oxford (where I live) and driving his flash car.
Sweeney Todd
New member
I agree with you, SW. The Premier League is not the Promised Land. I trust that, if and when we reach the uplands of English football, we will have learned from the mistakes of other clubs (Bradford, Sheff Wed, Leeds, Palace, Coventry, Barnsley, etc).
We have been better off out of it.
Sweeney Todd
New member
A love of riding on rollercoasters is one thing that Albion and Palace do have in common.
Tooting Gull
Well-known member
- Jul 5, 2003
- 11,033
But you've, amazingly even on this thread, been crowing about your time in the Premier League. Were you shouting about more even distribution when you were in the top flight? That's right - you weren't. It was only a problem when you weren't in it any more. Some fans with a bit more credibility on this issue (including those at Man Utd and Liverpool) have raised it despite long unbroken runs in the PL.
I'm not saying you're the only hypocrite, not by a long way. If we were ever lucky enough to get promoted a couple of times, would our fans change their tune and forget about money for the lower leagues? I fear some of them would. Not all of them, but some.
And talking generally and not just about you lot, I think the penalty for administration is very light, considering what actually happens. More points docked, player sales, promotion bans should all come into it. The current system wipes the slate clean a little too easily.
On the nail.
West brom seem to fluctuate from the championship too the premiership every other year and are in good financial health.
It can be done if you mange your books correctly something you have failed to do.
brighton rock
New member
from the croydon ad
The Crystal Palace chairman, Simon Jordan, remains the club's biggest creditor at £20m, it has emerged, but the hedge fund which pushed them over the edge remains at the front of the queue as administrators race to price up and sell players before the transfer window closes.
Jordan, who was said to be devastated when the club were tipped into administration by the hedge fund Agilo after his attempts to find a buyer foundered, may have to remain involved as part of any rescue plan.
The administrator Brendan Guilfoyle, acting for P&A Partnership, has appointed Wasserman Media Group, the agency that was derided for touting Michael Owen in a glossy brochure but ultimately secured him a move to Manchester United, to value the entire squad and seek buyers.
Guilfoyle, who has overseen other football club administrations in recent years, including Leeds United plc and Luton Town, ordered Palace's manager, Neil Warnock, to leave their prize asset, the 19-year-old winger Victor Moses, out of the squad for last night's 2-0 defeat at Newcastle United to prevent him picking up an injury.
He said there was "strong interest" in Moses, with West Bromwich Albion and Nottingham Forest among the clubs to have declared an interest and several Premier League clubs thought to be monitoring his situation, and remained confident that enough money could be brought in through player sales to see the club through to the end of the season. "The agents are encouraged and confident. The fear is always that the value will go down because it is a forced sale. But it seems to be going the other way," Guilfoyle said.
It is likely that any potential buyer will have to pay Agilo, which describes itself as "specialising in distressed assets and special situations" and is owed around £4.5m secured against the players' contracts, in full and come to an agreement with Jordan that could involve a debt for equity swap.
In all, Palace owe £32m. On top of the £20m owed to Jordan and the £4.5m owed to Agilo, secured on the players' contracts and intellectual property, Her Majesty's Revenue and Customs is owed £2m, £4m is owed to trade creditors and £1.5m to football creditors, who must be paid first and in full under Football League rules.
There was speculation today that an unnamed investor who was in last-ditch negotiations with Agilo and Jordan to buy Palace's debt and so prevent the club entering administration could yet pay off creditors in full and attempt to persuade the Football League not to impose the automatic 10-point penalty applied when a club enter administration.
The administrator was called in by Agilo after its relationship with Jordan apparently broke down and it began to fear that money earmarked for loan repayments, secured on the players and the club's name, would be diverted to pay wages and settle outstanding bills with HMRC.
Palace were due to face a winding-up order in the high court yesterday over an unpaid tax bill of £1.2m, but were confident of securing an adjournment. Yet it appears that Agilo, fearful that HMRC would leapfrog it in the list of creditors, pushed the club into administration to force player sales and settle its debt.
HMRC, usually reluctant to pursue football clubs for fear of adverse publicity, has shown a growing willingness to ensure it is paid in full following a series of cases when it was forced to settle with administrators. That has sparked a flurry of winding-up orders as it seeks to recover debts while clubs still have the means to pay them, and forced the Football League and Premier League to introduce new rules requiring clubs to keep up to date with their payments or face transfer embargoes.
It is understood that Agilo may loan the club money to pay wages to staff and players due at the end of this month. Twice this season, wages were paid late as the club faced serious cashflow issues.
Guilfoyle remained confident a buyer would be found but said he had received no concrete approaches. "There is a swirl going on that we are aware of. There is a suggestion there are parties who want to pay off the debts and bring about an early end to this administration. If that's the case, I need them to come forward and engage with me," he said. "Hopefully we won't be here for very long, the club will go into new ownership, the cycle of bust will cease and the club – despite the sanctions of the Football League – can mount a campaign to get into the Premier League."
PricewaterhouseCoopers, which holds the freehold to the ground on behalf of Lloyds after the previous owner Rock Investments went into administration, is believed to be confident that it will continue to collect the £1.2m in rent that is due under a lease negotiated by Jordan despite the latest developments.
The former Palace owner Ron Noades said any incoming owner would want to purchase the freehold from PwC at the earliest opportunity. Noades, who said he was prepared to assist any potential new owner and has been a consistent critic of Jordan, said administration "could be a great opportunity for a fresh start".
"If they could buy the freehold simultaneously, the club would be in a better position than it has been for 10 years," he said. "Anybody who takes it out of administration has got to sort the lease out or buy the freehold." Fans fear that the land is worth more without a football club on it than with, a factor that may influence PwC's negotiations. It is worth an estimated £8m to £9m with Selhurst Park in situ, and between £22m and £32m without.
Guilfoyle said he was prepared to meet the Crystal Palace Supporters' Trust, formed when the club was last in administration prior to Jordan's takeover following the disastrous tenure of Mark Goldberg as owner.
Lesley Palmer, secretary of the Trust, said: "At the end of the day the fans are the biggest income stream the club has. The administrators should bear that in mind. We are here to put forward the views of the Trust members and the wider fanbase. They need to talk to fans and try and get them to understand what has happened. Mistakes have been made as to how the club has been run and it has the potential to be bigger than it is."
She said sentiment towards Jordan, a keen Palace fan who bought the club for £10m after selling his mobile phone company at the height of the dotcom boom, was mixed: "Some believe it's all his fault, some believe it's not his fault. The truth is probably somewhere in the middle. He has made mistakes. I know that the deal with Agilo is something he regrets. But now it is too late."
The Crystal Palace chairman, Simon Jordan, remains the club's biggest creditor at £20m, it has emerged, but the hedge fund which pushed them over the edge remains at the front of the queue as administrators race to price up and sell players before the transfer window closes.
Jordan, who was said to be devastated when the club were tipped into administration by the hedge fund Agilo after his attempts to find a buyer foundered, may have to remain involved as part of any rescue plan.
The administrator Brendan Guilfoyle, acting for P&A Partnership, has appointed Wasserman Media Group, the agency that was derided for touting Michael Owen in a glossy brochure but ultimately secured him a move to Manchester United, to value the entire squad and seek buyers.
Guilfoyle, who has overseen other football club administrations in recent years, including Leeds United plc and Luton Town, ordered Palace's manager, Neil Warnock, to leave their prize asset, the 19-year-old winger Victor Moses, out of the squad for last night's 2-0 defeat at Newcastle United to prevent him picking up an injury.
He said there was "strong interest" in Moses, with West Bromwich Albion and Nottingham Forest among the clubs to have declared an interest and several Premier League clubs thought to be monitoring his situation, and remained confident that enough money could be brought in through player sales to see the club through to the end of the season. "The agents are encouraged and confident. The fear is always that the value will go down because it is a forced sale. But it seems to be going the other way," Guilfoyle said.
It is likely that any potential buyer will have to pay Agilo, which describes itself as "specialising in distressed assets and special situations" and is owed around £4.5m secured against the players' contracts, in full and come to an agreement with Jordan that could involve a debt for equity swap.
In all, Palace owe £32m. On top of the £20m owed to Jordan and the £4.5m owed to Agilo, secured on the players' contracts and intellectual property, Her Majesty's Revenue and Customs is owed £2m, £4m is owed to trade creditors and £1.5m to football creditors, who must be paid first and in full under Football League rules.
There was speculation today that an unnamed investor who was in last-ditch negotiations with Agilo and Jordan to buy Palace's debt and so prevent the club entering administration could yet pay off creditors in full and attempt to persuade the Football League not to impose the automatic 10-point penalty applied when a club enter administration.
The administrator was called in by Agilo after its relationship with Jordan apparently broke down and it began to fear that money earmarked for loan repayments, secured on the players and the club's name, would be diverted to pay wages and settle outstanding bills with HMRC.
Palace were due to face a winding-up order in the high court yesterday over an unpaid tax bill of £1.2m, but were confident of securing an adjournment. Yet it appears that Agilo, fearful that HMRC would leapfrog it in the list of creditors, pushed the club into administration to force player sales and settle its debt.
HMRC, usually reluctant to pursue football clubs for fear of adverse publicity, has shown a growing willingness to ensure it is paid in full following a series of cases when it was forced to settle with administrators. That has sparked a flurry of winding-up orders as it seeks to recover debts while clubs still have the means to pay them, and forced the Football League and Premier League to introduce new rules requiring clubs to keep up to date with their payments or face transfer embargoes.
It is understood that Agilo may loan the club money to pay wages to staff and players due at the end of this month. Twice this season, wages were paid late as the club faced serious cashflow issues.
Guilfoyle remained confident a buyer would be found but said he had received no concrete approaches. "There is a swirl going on that we are aware of. There is a suggestion there are parties who want to pay off the debts and bring about an early end to this administration. If that's the case, I need them to come forward and engage with me," he said. "Hopefully we won't be here for very long, the club will go into new ownership, the cycle of bust will cease and the club – despite the sanctions of the Football League – can mount a campaign to get into the Premier League."
PricewaterhouseCoopers, which holds the freehold to the ground on behalf of Lloyds after the previous owner Rock Investments went into administration, is believed to be confident that it will continue to collect the £1.2m in rent that is due under a lease negotiated by Jordan despite the latest developments.
The former Palace owner Ron Noades said any incoming owner would want to purchase the freehold from PwC at the earliest opportunity. Noades, who said he was prepared to assist any potential new owner and has been a consistent critic of Jordan, said administration "could be a great opportunity for a fresh start".
"If they could buy the freehold simultaneously, the club would be in a better position than it has been for 10 years," he said. "Anybody who takes it out of administration has got to sort the lease out or buy the freehold." Fans fear that the land is worth more without a football club on it than with, a factor that may influence PwC's negotiations. It is worth an estimated £8m to £9m with Selhurst Park in situ, and between £22m and £32m without.
Guilfoyle said he was prepared to meet the Crystal Palace Supporters' Trust, formed when the club was last in administration prior to Jordan's takeover following the disastrous tenure of Mark Goldberg as owner.
Lesley Palmer, secretary of the Trust, said: "At the end of the day the fans are the biggest income stream the club has. The administrators should bear that in mind. We are here to put forward the views of the Trust members and the wider fanbase. They need to talk to fans and try and get them to understand what has happened. Mistakes have been made as to how the club has been run and it has the potential to be bigger than it is."
She said sentiment towards Jordan, a keen Palace fan who bought the club for £10m after selling his mobile phone company at the height of the dotcom boom, was mixed: "Some believe it's all his fault, some believe it's not his fault. The truth is probably somewhere in the middle. He has made mistakes. I know that the deal with Agilo is something he regrets. But now it is too late."
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brighton rock
New member
strange going ons
Those chelsea shits do not pretend to be palace unlike you lot of plastic bha fans
Hope that helps.
You have built a 90 million ground.If bloom had not dug you out then how would you have paid it?
Certainly not by gate receipts.
Storer68
New member
You have built a 90 million ground.If bloom had not dug you out then how would you have paid it?
Certainly not by gate receipts.
Have built
?Did I miss it.
back in my seat at Withers with the rain pissing down on Saturday tho
I have noted this page just so I can find it and remind you what a plum you areno investor will touch you
Let's face it if some idiot will give you a ground then there must be someone out there for a club of a
decent size.Selhurst Wonderland
Banned
Easy 10
Brain dead MUG SHEEP
You have built a 90 million ground.If bloom had not dug you out then how would you have paid it?
Certainly not by gate receipts.
Originally, Bloom was going to finance a large proportion of the project, with the remainder being met through a series of grants and some form of a commercial mortgage. He and his family have been on the board for generations, so he didn't suddenly appear from nowhere to save the thing. His financial clout was always going to be there underwrite it if the worse came to the worse.
The worse DID come to the worse in the shape of the credit crunch, which meant he's ended up pretty much paying for the lot. It would obviously have been more difficult securing a loan from the banks in the current climate.
We are very fortunate to have Bloom funding it, I don't deny it. But as I say, he's not sudddenly arrived on the scene. And its also worth remembering that prior to the stadium being granted, Blooms money has not been used on splashing the cash on the squad excessively - in fact, we've LOST several players, including our club captain, because the board refused to break the wage structure here.
And whilst that policy hasn't seen us storm up the leagues, it has nonetheless stood us in very good stead and kept us on an even keel.
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