Palace

[Croydonbloke]

I don't post on here much these days but boy how things have changed on our teams fortunes, you lot are doing a fine on job in trying to join us but Saturdays result was one huge wake up call, losing 3-0 at home to a team who are up there with you just shows how that league is hard to compete in Derby, Hull, Ipswich, Sheffield Wednesday all no pushovers and will be in the mix for the top 2 come May..

 

[nwgull]

I don't post on here much these days but boy how things have changed on our teams fortunes, you lot are doing a fine on job in trying to join us but Saturdays result was one huge wake up call, losing 3-0 at home to a team who are up there with you just shows how that league is hard to compete in Derby, Hull, Ipswich, Sheffield Wednesday all no pushovers and will be in the mix for the top 2 come May..

A wake up call after 22 games If Hull and Ipswich are so great, then why is it that we've already beaten them?

 

[CPFC G]

If I was a Palace fan (which of course I thank my lucky stars is not the case), I would be a bit concerned about the status of the new 'partnership' that is being set up to run the club.

Is it going to be an LLP,? Where is it going to be registered? Are the owners going to be transparent in terms of filing documentation (which can be less onerous for partnerships) and so on.

I'm sure they are just as surprised and delighted to be where they are in the table at present as we are with the Albion's position, but things can go tits up quickly, as clubs such as Fulham, Bolton, Blackburn, and Wolves have found.

Not got a clue how these partnerships work but Steve P's tweet may explain more to you - https://twitter.com/CEO4TAG/status/677988678443122688

 

[Buzzer]

Not got a clue how these partnerships work but Steve P's tweet may explain more to you - https://twitter.com/CEO4TAG/status/677988678443122688

I must confess that even as a qualified accountant, it's still not clear from that. I'm not insinuating that there's anything untoward but Crystal Palace exists through a normal limited company with shares and shareholders and this is what the new investors have apparently bought into. SP's tweet states that the new structure is in a limited partnership. A Limited Liability Partnership is a separate beast altogether, it's a legal entity similar to but at the same time very different to a normal Ltd or Plc.

I reckon SP is using the phrases 'limited partnership' and 'general partnership structure' somewhat differently. I'm guessing he means that the owners will work together with the existing shareholders within the existing limited company in a far more collaborative way than perhaps they need to, seeing as they are the majority shareholders and calling all the shots and can do whatever they like now, within reason. In which case, yes, I would be slightly concerned if I were a Palace fan because this 'partnership' with the existing owners is only there by virtue of the goodwill between all parties.

Even if there is some sort of formal partnership agreement, I can't see how this supercedes the rights the new owners have under Company Law seeing as they now own the majority of the company. Happy to be shot down here but that's my take on it.

 

[Croydonbloke]

A wake up call after 22 games If Hull and Ipswich are so great, then why is it that we've already beaten them?

A wake up call in the sense that Brighton will not win this league at a canter, yes 22 games 1 defeat but yet you're 3rd in the division, surely that is slightly disappointing after a record breaking undefeated streak?

 

[Buzzer]

A wake up call in the sense that Brighton will not win this league at a canter, yes 22 games 1 defeat but yet you're 3rd in the division, surely that is slightly disappointing after a record breaking undefeated streak?

I don't think many Brighton fans think we'll win the league let alone at a canter. We were/are just enjoying the ride.

 

[CPFC G]

Cheers Buzzer. I suppose any partnership in business is down to the current goodwill between the parties involved.

Looks like Parish, Blitzer and Harris are named as officers of Palace Hold co.
Parish, Hosking, Harris, Browett and Blitzer are named as officers of Palace Mid co.

Hopefully when it is all finalised we will get an easy to understand version from the club.

 

[Blue Valkyrie]

A wake up call in the sense that Brighton will not win this league at a canter, yes 22 games 1 defeat but yet you're 3rd in the division, surely that is slightly disappointing after a record breaking undefeated streak?

Well, it certainly somewhat disappoints me, at least.

At the moment I just want us to 'keep up' with Derby and Middlesbrough ( who happily play each other on Jan 2 ), until Towell, Calleri etc, arrive, and the injuries start to ease in January.

 

[Stato]

A wake up call in the sense that Brighton will not win this league at a canter, yes 22 games 1 defeat but yet you're 3rd in the division, surely that is slightly disappointing after a record breaking undefeated streak?

In what way could that be called a wake up call?

The league table has been available to read throughout the unbeaten run, so none of us could have thought we were miles ahead of Boro and Derby and have now come to a shocking realisation that its very close at the top.

I think we deserve an improvement in the standard of Palace trolling on this board. What with some of them dressing themselves up as Brighton fans, but making no effort at avoiding detection and others writing posts that, on the rare occasion they are written in understandable English, seem to have been given absolutely no thought before being posted, I am starting to think that the whole thing is a double bluff and they are really Brighton fans posing as Palace to create the impression that all Palace fans are slapdash, mad or stupid.

 

[Croydonbloke]

I don't think many Brighton fans think we'll win the league let alone at a canter. We were/are just enjoying the ride.

And so you should.. Xmas games will define who should be in the mix.

 

[Croydonbloke]

In what way could that be called a wake up call?

The league table has been available to read throughout the unbeaten run, so none of us could have thought we were miles ahead of Boro and Derby and have now come to a shocking realisation that its very close at the top.

I think we deserve an improvement in the standard of Palace trolling on this board. What with some of them dressing themselves up as Brighton fans, but making no effort at avoiding detection and others writing posts that, on the rare occasion they are written in understandable English, seem to have been given absolutely no thought before being posted, I am starting to think that the whole thing is a double bluff and they are really Brighton fans posing as Palace to create the impression that all Palace fans are slapdash, mad or stupid.

Ah another highly intellectual Brighton fan, I just wish I went to school on the South Coast is this where the highest Ofsted results come from? Anyhow back to the subject matter, All I am saying is that any Brighton fan must be surprised, after a 22 game unbeaten run in this league means nothing as the Championship is so competitive nothing can be taken for granted.

 

[Buzzer]

Cheers Buzzer. I suppose any partnership in business is down to the current goodwill between the parties involved.

Looks like Parish, Blitzer and Harris are named as officers of Palace Hold co.
Parish, Hosking, Harris, Browett and Blitzer are named as officers of Palace Mid co.

Hopefully when it is all finalised we will get an easy to understand version from the club.

You're right, of course. Any company relies on goodwill and we've had a recent and major boardroom bust-up here at Brighton. Usmanov and Kroenke at Arsenal is another example. Arguably, both Brighton and Arsenal have in their own ways benefited from this so maybe the potential for bust-ups is not so bad.

With regards the new Palace structure, I would like to see how the holding company and the Mid Co. are connected because I'm still unsure of the way 'limited partnership' is being used. I've thought a bit more about it and I can't see any merit in them going for a Limited Liability Partnership. This tends to be for professions that usually operate in partnerships (accountants, architects, lawyers) but where the partners protect their personal exposure to the debts of the business. In Palace's case the owners already have this protection because they own shares in the limited company that owns the club. As El Pres says...an LLP is a very complicated way of doing things.

Maybe Parish means limited in a different way. Maybe as I've speculated previously, the shareholders will act more like a partnership. I could buy this explanation especially given that the new owners are coming in cold and apparently no history of running a football club. It's effectively the new owners holding up their hands and saying 'help us to get up to speed'. Or rather more ominously, maybe it means the owners will only consult the others regarding a limited number of subjects. But all this, including minority shareholder rights, is covered under normal Company Law anyway. I'm intrigued.

 

[Pavilionaire]

If I was a Palace fan (which of course I thank my lucky stars is not the case), I would be a bit concerned about the status of the new 'partnership' that is being set up to run the club.

Is it going to be an LLP,? Where is it going to be registered? Are the owners going to be transparent in terms of filing documentation (which can be less onerous for partnerships) and so on.

I'm sure they are just as surprised and delighted to be where they are in the table at present as we are with the Albion's position, but things can go tits up quickly, as clubs such as Fulham, Bolton, Blackburn, and Wolves have found.

Companies House website confirms that PALACE MIDCO UK LIMITED was incorporated on 02 Dec 15 with Blitzer and Harris appointed as directors on the date of incorporation, with Parish, Browett and Hosking joining them as directors 16 days later on 18th December 2015. The day before they joined the company changed its name from ADAMAS MIDCO UK LIMITED

There is one share held by PALACE HOLDCO UK LIMITED (formerly Adamas Holdings UK Limited). This company was also incorporated on 02 Dec 15 by Harris and Blitzer and changed its name on 17 Dec 15, and the shares of that are held by PD HOLDCO, a USA company based in Delaware presumably controlled by Blitzer and Harris.

I see Parish has today been made a director of PALACE HOLDCO UK LIMITED, although not Browett or Hosking. Therefore, Blitzer and Harris completely own the new company just set up, while 16,450,000 shares were allocated yesterday but the documentation about that won't be visible for a few days. As of Sunday the 5,750,000 shares of CPFC 2010 LTD were owned equally 4 ways by Parish, Long, Browett and Hosking, so 1,437,500 each, but Long and Browett have resigned as directors so are now merely minority shareholders with no say in what goes on.

If the Yanks have taken the full 16,450,000 allotment then they will own 74.1% of Palace with the other shareholders being minority shareholders.

Therefore, I see no evidence of a formal partnership, or an LLP. What I see is Parish as a frontman with the Yanks calling the shots.

 

[Stato]

Ah another highly intellectual Brighton fan, I just wish I went to school on the South Coast is this where the highest Ofsted result come from? Anyhow back to the subject matter, All I am saying is that any Brighton fan must be surprised, after a 22 game unbeaten run in this league means nothing as the Championship is so competitive nothing can be taken for granted.

Thanks for that stunning insight. None of us had noticed the competitive nature of the Championship over the last five seasons that we've been watching our team playing in it. Its not as if every media outlet goes on about The Championship being the most difficult league to get out of every time they write or talk about it.

Its not really about intellectualism, all I ask is that you all take time to read through your work before submission: In this case you should have used a full stop to end your sentence after 'South Coast' and 'result' should have been plural, unless your intent was to talk about the single highest Ofsted result, in which case you should have had an 's' on the end of the word 'come'. Frankly, your obvious lack of effort almost suggests that you have some sort of contempt for BHA and its fans.

 

[Buzzer]

Companies House website confirms that PALACE MIDCO UK LIMITED was incorporated on 02 Dec 15 with Blitzer and Harris appointed as directors on the date of incorporation, with Parish, Browett and Hosking joining them as directors 16 days later on 18th December 2015. The day before they joined the company changed its name from ADAMAS MIDCO UK LIMITED

There is one share held by PALACE HOLDCO UK LIMITED (formerly Adamas Holdings UK Limited). This company was also incorporated on 02 Dec 15 by Harris and Blitzer and changed its name on 17 Dec 15, and the shares of that are held by PD HOLDCO, a USA company based in Delaware presumably controlled by Blitzer and Harris.

I see Parish has today been made a director of PALACE HOLDCO UK LIMITED, although not Browett or Hosking. Therefore, Blitzer and Harris completely own the new company just set up, while 16,450,000 shares were allocated yesterday but the documentation about that won't be visible for a few days. As of Sunday the 5,750,000 shares of CPFC 2010 LTD were owned equally 4 ways by Parish, Long, Browett and Hosking, so 1,437,500 each, but Long and Browett have resigned as directors so are now merely minority shareholders with no say in what goes on.

If the Yanks have taken the full 16,450,000 allotment then they will own 74.1% of Palace with the other shareholders being minority shareholders.

Therefore, I see no evidence of a formal partnership, or an LLP. What I see is Parish as a frontman with the Yanks calling the shots.

Thanks for this. The bit in bold is the pertinent bit I think but what's the connection between CPFC 2010 Ltd and the Mid Co and the Hold Co? What's the purpose of the Mid Co when there's already a CPFC 2010 and which company actually owns the club?

 

[Croydonbloke]

Thanks for that stunning insight. None of us had noticed the competitive nature of the Championship over the last five seasons that we've been watching our team playing in it. Its not as if every media outlet goes on about The Championship being the most difficult league to get out of every time they write or talk about it.

Its not really about intellectualism, all I ask is that you all take time to read through your work before submission: In this case you should have used a full stop to end your sentence after 'South Coast' and 'result' should have been plural, unless your intent was to talk about the single highest Ofsted result, in which case you should have had an 's' on the end of the word 'come'. Frankly, your obvious lack of effort almost suggests that you have some sort of contempt for BHA and its fans.

Sorry Sir, I did amend my error after reading it again, if you took the time to check you would have noticed, bad teacher!!

 

[Mr Putdown]

If the Yanks have taken the full 16,450,000 allotment then they will own 74.1% of Palace with the other shareholders being minority shareholders.

If the Yanks have taken the full 16,450,000 allotment they would own 100% of Palace.

 

[Buzzer]

If the Yanks have taken the full 16,450,000 allotment they would own 100% of Palace.

The 16.45M are new shares. The other 5.8M shares still exist.

16.45 / (16.45 + 5.8) = 74%

 

[Stato]

Sorry Sir, I did amend my error after reading it again, if you took the time to check you would have noticed, bad teacher!!

I applaud your desire to improve.

Now correct the errors in your post quoted above, asking yourself whether it should be a single sentence.

 

[Mr Putdown]

The 16.45M are new shares. The other 5.8M shares still exist.

16.45 / (16.45 + 5.8) = 74%

You sure?

Even El Pres doesn't believe that to be the case.