Crystal Palace chairman Simon Jordan has revealed he has secured the lease of Selhurst Park for the next 25 years.
Jordan purchased the freehold to the stadium through an intermediary in 2006, but it was not known how long the club could remain there.
Jordan told supporters at BBC London Fans' Forum: "I've had to write out cheques for £7m to other people to be able to secure this.
"I have done the best deal that I can do, for the best of the football club."
He added: "I will do the right deal to re-acquire the stadium in the fashion that I want to do it in, at the right time."
Jordan, who took over the Eagles in 2000, revealed his long-term plan is to relocate nearby.
"I'd like to see Palace move away from Selhurst Park, I'd like to stay in the Borough and I'd like us to move to a stadium which is more befitting of the ambitions we have for the club.
"I think on these footprints, it's going to be very difficult, because it doesn't lend itself to being able to build a stadium that competes with other stadiums in London, or in other stadiums around the country."
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The worst thing about Palace if they got promoted would be that it would allow Jordan in one swoop to get out of the hole he has created. He would sell up, and come out of it alright.
if he did they wouldn't be in this mess in the first place!!!
http://www.youtube.com/watch?v=AZW8BHHKbZY
So, despite that press conference some 18 months ago he has now secured the leasehold again and for £5m less??!
To be honest thats just one of many similar situations....Since SJ took over cpfc the club has operated on a policy of being an "aggresive creditor" it's not really about ability to pay such bills it's more about keeping your cash as long as possible.......CPFC are far from being alone in this.
As for him trousering loads of cash and clearing off, if we went up. Despite not being SJ's biggest fan even I would have to concede that he would not do that. His style is highly questionable as a chairman.......his motive is less so...he has always been in it for the betterment of CPFC.....and Just perhaps a little ego massage in the media spotlight.
The announcement 18 months ago is the classic case of wanting to show the world and more importantly the fans what a clever wheeler and dealer he was. How he got the freehold off Nodes without Nodes twigging on that he was the actual buyer. He presented it as "I've bought it, through an intermediary". He forgot that technically had didn't own it. - That was mere detail because he had tied it all up and when he sorted the finances out, it would be his. Sadly for him, he couldn't sort the finances out the way he wanted and has had to opt for a leaseback arrangement, with, I am assuming, a written right to purchase the freehold on agreed terms. In his eyes, it's still his ground because of the buyback agreement even though technically it isn't.
Son of Selhurst must be pleased though as Palace have at least secured their tenure at Selhurst Park for sometime when they had very little time remaining on their existing lease.
How good the deal is we won't know for a couple of weeks until the lease is registered at the Land Registry. The biggest issues would be if there were an
1) 'option to buy clause' - which would give Jordan at least some breathing space to find the funding to actually purchase the Freehold from Paul Kemsley, the owner;
2) the annual cost of the lease - Citeh are paying 1m PA for Eastlands, Palace are currently paying more than that for SP;
3) Financing of redevelopment for SP - that ground needs significant investment just to stay still. Will it be a full repairing lease (normal industry standard) or will the landlord contribute to its improvements?
4) What break clauses does the contract have - when do they commence and at what frequency.
My understanding of the whole situation may be a bit biaised but if Jordan does sell up in the summer then at least he can tell the Palace fans he's given them long term security. I just hope he gets a shit deal.