Palace Just About Finished

[pkt_drfc]

Statement CPFC2010 – 31st May 2010

As you are aware we are endeavoring to acquire both Crystal Palace Football club and Selhurst Park. Everyone would agree Selhurst Park is pivotal to the long-term future of the club and CPFC2010 have always made it clear that they will not proceed without securing it.

We have now reached agreement with Agilo regarding their debt against the club and did have what we thought was an agreement with Bank of Scotland who are the major creditor of Selhurst Park Ltd. Subsequent to this agreement we have been sent a contract that does not reflect this agreement and is unworkable.

CPFC 2010 value Selhurst park as a football ground but have agreed to pay a significant premium on that. We also recognize that a property developer may pay even more for the ground on the chance that they may be able to change its use sometime in the future. The bank have made it clear that they want to help the club and don’t want to sell to a property developer now but are worried we may sell the land for development in the future, making a profit and embarrassing the bank in the process.

In order to put their minds at rest we have also agreed to an ‘anti embarrassment’ clause that allows the Bank to see a further return if we realize greater value from the ground in the future. In essence we need clarity on what that amount should be and how it is calculated. At the moment it seems the Bank want to make unlimited return in the future even if that value is created on the back of the success of the football club or money we have invested in a new infrastructure and not in appreciation of the value of the land. We believe that the maximum they should make is the difference between what we will pay for the land as a football ground and what a property developer will pay now as a development opportunity plus interest.

We are dealing totally through intermediaries and its very frustrating, as we don’t think the bank competently understand the situation we are in, or the urgency.

If we cannot reach agreement soon (we have a deadline of 3pm 1st June) Agilo have made their intention clear to sell the players and liquidate the club.

Please be assured we are doing everything we can to make this happen but as we sit today the future of Crystal palace hangs in the balance and is very much in the hands of a person in a bank in Scotland whom we have never met and it seems we are not allowed to speak to.

We note the new governments commitment to sport, particularly sport in the community, Bank of Scotland is currently government owned, as such we would urge the new Prime Minister to intervene personally to resolve the situation or see a club supported by many thousands with 100 year History consigned to the scrapheap

[pkt_drfc]

Well according to owls mad rigo that will not happen it will end up being a 23 team league with just 2 relegation spots next season

[Glyn_Wigley]

pkt_drfc wrote:

Well according to owls mad rigo that will not happen it will end up being a 23 team league with just 2 relegation spots next season

Which, if we don't get the players we want in the close season, could be the best outcome for Rovers...

[donnybez]

Truth be told, i have very mixed feelings about this

Palace are a 100 year old club who have such symbolic relevance to the football league with a name that heralds an image of a long ago time
To lose them would have do severe damage to the league, the area and history of the game



However if they go under, it would create a sudden realisation for many clubs. You cant spend spend spend and expect to survive. Plus it would create a sudden interest in the Free Agent Market that could help many clubs who are without an adequete youth academy gain some quality youth. Plus Palace could start again with the 'Chester approach', i just hope the FA will releax rules to allow them their name.


I do however wish they survive. I know how it feels to be counting down the minutes till the extinction of my club (luckily we didn't) and i wouldn't wish it upon any other club. well maybe Leeds Utd.....

[I-was-there1976]

great news


the sooner a club goes bust the better

Stockport can go too




The sooner football clubs are run as a proper business the better football will be.

Dont spend what you havent got.


simples

[RoversAlias]

I would feel massively sorry for the Crystal Palace fans if the club went out of business. Personally, I quite like Palace and enjoyed going to Selhurst last season (it did help that it was our first away win and a brilliant performance) but at the end of the day it's time clubs learned what happens when you don't run properly. Nobody has yet gone bust in this era of football financial struggle and maybe it will wake a few clubs up.

And yes it will be a 23 team league next season if Palace go now according to the rules, as it is after the play-off final. I don't quite know why but would certainly prefer it to Wednesday being re-instated!

[Dutch Uncle]

RoversAlias wrote:

Nobody has yet gone bust in this era of football financial struggle and maybe it will wake a few clubs up.

Chester?
Halifax?
Scarborough?

And few who were never in the football league

And over here Haarlem

[Barmby Rover]

Add on to that list Accrington, Aldershot and Maidenhead. Amazing how it doesn't matter if it is a lower league club that fails, but if one of the \"big boys\" starts to falter it would be a tragedy for football. Liverpool next please, let's get some sanity into wages and conditions of contract for players, and lose some of the pot hunters that infest football in this country.

[Dutch Uncle]

Although to be fair Barmby, those three went bust a while ago. The three I mentioned have gone bust very recently, certainly in the era of unfair premiership ultra-extreme dominance of finances.

Agree entirely with your sentiment re small versus large clubs though

[Barmby Rover]

It is all relative DU, showing my age even knowing there was a Maidenhead team! It is true there wasn't the ultra dominance that exists now, in those days the First Division used to give up a significant amount of income to support the other three divisions. The incoming of Sky and the dominance of Murdoch has been a cancer in the Football League system for too long, I suspect that the ultimate aim is to form a European Super League, if that happens just watch our Premier League get dropped like a stone. Crystal Palace will be just a taster when that happens.

[snods big brother]

Would the demise of Crystal Palace be any great loss to the footballing world - should we just let them go waving them goodbye as they go?

[Barmby Rover]

I don't think we would have any choice! It is a shame when it happens, but it should be allowed to, just as Leeds Utd should have gone and another club started up in it's place, far below the current position.

[idler]

They would probably a bigger loss than we were when we went out. Remember how we felt? Some people have short memories. The problems in English football start at the top, home clubs keeping income from their gates and tv/Sky money have just driven the wedge ever deeper.  

[redwine]

pkt_drfc wrote:

Statement CPFC2010 – 31st May 2010


We note the new governments commitment to sport, particularly sport in the community, Bank of Scotland is currently government owned, as such we would urge the new Prime Minister to intervene personally to resolve the situation or see a club supported by many thousands with 100 year History consigned to the scrapheap

I see Crystal Palace are being disingenious again, I was under the impression that the UKFI only held a 41% stake in Lloyds Banking Group. Now obviously they are a major shareholder but the bank is not quite Government owned.

[Drover]

Barmby Rover wrote:

Add on to that list Accrington, Aldershot and Maidenhead. Amazing how it doesn't matter if it is a lower league club that fails, but if one of the \"big boys\" starts to falter it would be a tragedy for football. Liverpool next please, let's get some sanity into wages and conditions of contract for players, and lose some of the pot hunters that infest football in this country.

Think you confused them with Maidestone,promotion to the football league was their undoing.Another one from the 80's was Newport county.

[Norfolk N Chance]

I am very passionate about football and sometimes not realistic.
However, think it is awful to want teams to go out of business for many reasons inc the innocent fans that buy there ST in good faith.
Of course if there is only two relegation places thats good for us but I rather we compete on our own merits!

[I-was-there1976]

what about all the businesses that are owed money by CPFC ? Palace could have sold their better players to raise money but no they kept paying them good wages in a hope they would survive and maybe a big benefactor would move in.

Heard they owe St Johns Ambulance £30k of which they will never get. Probably a months wages for Ambrose.

[Rosso Rover]

and what about our supporters that want us to sign players and pay wages we cant afford to push us forward, its a gamble and didnt work for a lot of clubs and i for one are grateful we have a board that wont do that, cause i will support Donny no matter what league we are in

[Norfolk N Chance]

Excellent Rosso mate ..same here I would support these boys if they never won again for the next 20 years !
Grateful for the prospect of signing the likes of Oster!

[Barmby Rover]

I just hope everybody can hold that thought if we don't sign Billy, for the right reasons, and then start screaming about lack of ambition.

[RobTheRover]

Careful lads, you will all be labelled as happy clappers by the impatient few.

[Norfolk N Chance]

Excellent comments ...someone stopped me as I was getting in car in Scawsby (have the viking flag on my back window)....\"Whats all this shit re ST and if not achieved we dont get Sharp\".....explained to him totally agree with JR as a borough of 280K simply awful.....!!!!
PS JR has never said that but probably thought it !!!

[BillyStubbsTears]

Palace just about finished?

About bloody time. We've been forking out for them German scroungers for long enough now. If it were down to me, I'd put Lizzie and Charlie in a council house in Denaby. Don't they know there's a recession on. Etc. Etc.

[Lytham Rover]

according to the BBC and SKY there was a 3pm deadline today  which when the big hand is on 33 and the little hand is on 3   means that the deadline has passed

has anyone heard owt?

[DonnyNoel]

bedale rover wrote:

according to the BBC and SKY there was a 3pm deadline today  which when the big hand is on 33 and the little hand is on 3   means that the deadline has passed

has anyone heard owt?

The administrator said to pay outstanding bills/wages if the club hadn't (hasn't) been taken over by 3pm today then he will have to start selling players and the club has had dozens of enquiries/tentative bids already.

The problem then is that the club becomes even less attractive to prospective buyers.

Their forum is awash with \"Player X to Club Y\" threads.

[fudgepacker]

DonnyNoel wrote:

bedale rover wrote:

according to the BBC and SKY there was a 3pm deadline today  which when the big hand is on 33 and the little hand is on 3   means that the deadline has passed

has anyone heard owt?

The administrator said to pay outstanding bills/wages if the club hadn't (hasn't) been taken over by 3pm today then he will have to start selling players and the club has had dozens of enquiries/tentative bids already.

The problem then is that the club becomes even less attractive to prospective buyers.

Their forum is awash with \"Player X to Club Y\" threads.

I've just read that player sales have been suspended as they are now expecting to come to an agreement with the bank.

[AbsolutDRFC]

What I don't understand (maybe someone can set me straight on this) is how the Bank of Scotland own Selhurst Park?

I thought Simon Jordan had negotiated a deal (a couple of years ago) to purchase the freehold from Ron Noades?

[PACMAN]

AbsolutDRFC wrote:

What I don't understand (maybe someone can set me straight on this) is how the Bank of Scotland own Selhurst Park?

I thought Simon Jordan had negotiated a deal (a couple of years ago) to purchase the freehold from Ron Noades?

Maybe he took out a loan and used the ground as security??? If that's the case and they defaulted on the payments the ground passes to the bank as an asset.

[Lytham Rover]

PACMAN wrote:

AbsolutDRFC wrote:

What I don't understand (maybe someone can set me straight on this) is how the Bank of Scotland own Selhurst Park?

I thought Simon Jordan had negotiated a deal (a couple of years ago) to purchase the freehold from Ron Noades?

Maybe he took out a loan and used the ground as security??? If that's the case and they defaulted on the payments the ground passes to the bank as an asset.

i am sure that i read somewhere that ron noades still owned the ground

may be he is willing to sell to someone he knows/likes?

[eastender]

bedale rover wrote:

PACMAN wrote:

AbsolutDRFC wrote:

What I don't understand (maybe someone can set me straight on this) is how the Bank of Scotland own Selhurst Park?

I thought Simon Jordan had negotiated a deal (a couple of years ago) to purchase the freehold from Ron Noades?

Maybe he took out a loan and used the ground as security??? If that's the case and they defaulted on the payments the ground passes to the bank as an asset.

i am sure that i read somewhere that ron noades still owned the ground

may be he is willing to sell to someone he knows/likes?

Rock Investment hold the free hold on Selhurst Park,they went into administration,unfortunately  Rock Investment borrowed the money  from the Bank of Scotland to buy the ground, who now want there cash back.