The problem with Simon Jordan is separating fact from fantasy.
He bought Palace for around £10m and has sunk in since then around £150K per month (by his estimates). I wonder what Palace is worth now? Probably not a whole lot more, so if he sells now it'll be for around £10m meaning that he'll have to incur a huge loss, buying Palace will be a vanity job. His fortune was based on the Pocket Phone Co, and he'd have copped a big tax bill from selling his 50% stake, but equally he must have made a lot of money from it before selling out. Since then there have been numerous business ventures - his house building in Spain, a London Club, producing a film etc, none of which seem to be connected with each other - rather than sticking to what he knows best which would be electronics/telecoms retailing and discount telecom/electronics retailing at that. I see him as a serial risk taker rather than shrewd investor i.e. someone who would take punts on making money and given that there are few partners for these ventures I think his ego has determined that he wants to be in sole charge. If I had bought a football club I'd have hired an experienced team to run the place for me - that doesn't seem to be his way - so I think he's a poor delegator and given the number of managers he's employed and then sacked at Palace there might be something in that - along with perhaps setting them unrealistic objectives and interfering.
The business plan for the phone company was based on taking short-term lets on shops, buying stock and then selling it relatively cheaply and thereby undercutting rivals, when local demand was saturated he'd close the shop and set one up elsewhere. This worked but having had success doing that I think that's the way he will have gone about doing things with his other ventures and if he's done that in Spain with the construction business then he could well be in for an uncomfortable few months.
This worked but having had success doing that I think that's the way he will have gone about doing things with his other ventures and if he's done that in Spain with the construction business then he could well be in for an uncomfortable few months.
My family own lots of timeshare on the Costa Del Sol and over the last five years the landscape of the area has changed dramatically. Everywhere you look there are new developments going up. However, when I went in May a lot of building work was either slowing down or coming to a stop because supply has started to outstrip demand. You only have to look at Llanerra to see that. The manager on our resort thinks that a lot of people like Jordan (I think he lives in Marbella) are getting their fingers burnt by investing in Spanish property development because there will be no return on the investment. Could it be that Jordan is running out of money and that's the real reason he wants to sell Palace?
From a Palace perspective, I think SJ is definately pissed off with the Bostock affair, and it has reignited his desire to sell the club. However it has not been a secret that he has been looking to get out for several years now, but the worrying thing for Palace fans, is that he may now look to sell the club to anyone, rather than someone looking to move the club forward.
With regard to the money he would receive, I don't honestly think anyone believes he will be making his next fortune from the sale, and I personally beleive that he would just get out leaving the debt that he has guaranteed behind. As for his personal finance, I would certainly be happy to swop bank accounts with him, and I suspect there would be very few on here that wouldn't do likewise.
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He bought Palace for around £10m and has sunk in since then around £150K per month (by his estimates). I wonder what Palace is worth now? Probably not a whole lot more, so if he sells now it'll be for around £10m meaning that he'll have to incur a huge loss, buying Palace will be a vanity job. His fortune was based on the Pocket Phone Co, and he'd have copped a big tax bill from selling his 50% stake, but equally he must have made a lot of money from it before selling out. Since then there have been numerous business ventures - his house building in Spain, a London Club, producing a film etc, none of which seem to be connected with each other - rather than sticking to what he knows best which would be electronics/telecoms retailing and discount telecom/electronics retailing at that. I see him as a serial risk taker rather than shrewd investor i.e. someone who would take punts on making money and given that there are few partners for these ventures I think his ego has determined that he wants to be in sole charge. If I had bought a football club I'd have hired an experienced team to run the place for me - that doesn't seem to be his way - so I think he's a poor delegator and given the number of managers he's employed and then sacked at Palace there might be something in that - along with perhaps setting them unrealistic objectives and interfering.
The business plan for the phone company was based on taking short-term lets on shops, buying stock and then selling it relatively cheaply and thereby undercutting rivals, when local demand was saturated he'd close the shop and set one up elsewhere. This worked but having had success doing that I think that's the way he will have gone about doing things with his other ventures and if he's done that in Spain with the construction business then he could well be in for an uncomfortable few months.
My family own lots of timeshare on the Costa Del Sol and over the last five years the landscape of the area has changed dramatically. Everywhere you look there are new developments going up. However, when I went in May a lot of building work was either slowing down or coming to a stop because supply has started to outstrip demand. You only have to look at Llanerra to see that. The manager on our resort thinks that a lot of people like Jordan (I think he lives in Marbella) are getting their fingers burnt by investing in Spanish property development because there will be no return on the investment. Could it be that Jordan is running out of money and that's the real reason he wants to sell Palace?
SoundAs...Are you AnAppyAddick from NA's?
With regard to the money he would receive, I don't honestly think anyone believes he will be making his next fortune from the sale, and I personally beleive that he would just get out leaving the debt that he has guaranteed behind. As for his personal finance, I would certainly be happy to swop bank accounts with him, and I suspect there would be very few on here that wouldn't do likewise.
Might put last night into a bit of perspective...