Apparently the "orange" one has charged ALL of CPFC's assets and ALL of his shareholding in the club to a company that specialises in distressed financing. Makes all the cost-cutting at The Valley recently seem all the more appropriate.
I don't bloody argue !!! sorry to say this, but, i met Neil Warnock at the Kent/Essex game at Beckenham last month , and he seemed like areally nice guy. Also , know afew Palace supporters and they're alright . Now , when it comes to the Spanners.......
Interesting read...and puts our financial problems into context and perhaps explains the wisdom of the belt tightening that we're doing - before it's forced on us.
It's been said many times on here before but you only have to look at the likes of Southampton, Coventry, Leicester, Forest, Ipswich (although they now have new backers), Leeds (although they were extreme) and Sheffield Wednesday as to what happens to clubs who get relegated and don't go straight back up. Yes it's strange to see our supposedly well run club having a fire sale, but in all honesty we shouldn't really be that surprised.
AFKA - I only read the first 3 pages before giving up, but it seems he's hocked absolutely everything (including things like the rights to the use of the club crest/players contracts and the leases on Shitehurst & the training ground) to a company in the Cayman Islands.
There's one or two legal beagles on the Palarse site and they seem to be saying that he has raised some finance by mortgaging all his assets in Palarse. The thought seems to be that because he's looking to sell, he doesn't want to put more of own money into the club so this way he can release some working capital which will then be paid back out of the proceeds of his sale of the club. The alternative is that he does not have any liquid assets which he can use to keep Palarse going so has done this to get hold of some cash to keep the club going. The company who have taken the charge over Palarse has amongst it's directors, two infamous Tories Michael Portillo and Steve Norris.
Jordan has gone to a specialist (Agilo Master Funds Limited) in dealing with distressed companies (in this case CPFC 2000 Ltd) to loan him the money to cover the functioning of the business, whilst he/they look for a buyer (not sure that there'll be too many takers without the ground). If he/CPFC default on the terms of the loan, they can take charge of the business and sell it off as they see fit. They have the sale of the assets and his shareholding to sell to cover the loan that they have set up. Might be he's not a flush as he makes out and is now just looking to get out and get what he can before it goes down the pan.
" .......The company who have taken the charge over Palarse has amongst it's directors, two infamous Tories Michael Portillo and Steve Norris."
Cheers for that, Bing - thank God it's a 'reputable' company with 'reputable' directors then, we wouldn't want Palace going to the wall, now would we? lol
I was speaking to my rep from prostar today who is a Leeds fan who asked what was happening to us.As I said to him what is the feckin point of the premier league that unless you are a top 8 club,when you get relegated you have sell everything that moves in the hope of staying out of administration.It is a rediculous situation and I for one hope they form a european super league so the top 4 can feck off and everyone else can then try a run a business without having to chase the sky money.
It's soul-destroying enough for us to see it all dismantled before our eyes, so imagine how Murray et al must be feeling - years and years of careful work so suddenly ripped apart because of the greed at the very top of the game.
The extent of the pledge that CP has had to make in order to secure financing is interesting -- this may be due to the specific situation presented by CP, but might more likely be a reflection of how difficult football clubs are finding the credit market these days. Also interesting insofar as while SJ has ownership of the club, a sale of CP would not include the park.
Jordan/Palace doesn't own Sellout Park - Paul Kemsley owns it. It is moot as to whether Jordan controls the destiny of the ground but he/Palace don't own the ground so he couldn't offer it as collateral.
It seems that SJ has mortgaged off what's left of what he owns - presumably he doesn't want to/is no longer in a position to pump his own money in. At least we own the Valley and have that as collateral.
Its rather like someone renting trying to gain a loan over someone that owns a house trying to secure a loan. Who would be the more "attractive" option for a bank and gain lower rates of interest?
Also if we are looking for outside investment, again who would be more attractive? A club that essentially rent their ground or one that owns theirs?
In SJ haste to gain "ownership" of Smellhurst, and plicate the Palace fans, he's fucked up royally IMO.
Couldnt agree more NSS.....how long will it take for the powers to be to realise that the SKY stranglehold on the PL is going to be the death of clubs from the CCC downwards. Something has to give eventually.....and you can rest assured the top 4-6 clubs wont want to lend a financial helping hand.
All of this lends credence to something that I've 'always' thought re SJ. Sorry to repeat myself but i'll say it again....Yes, the bloke is worth a nice few quid by anyones standards BUT, he aint worth anything like the kind of wonga he would have everyone believe.
Spot on Steve. I never even look out for prem results now that we're not in it. Things would be different if our top division was more competitive - I'd take a keen interest in it, Charlton or no Charlton. As it is, it's a sterile wastland dominated by four big clubs and the money barons behind them. The sooner they foxtrot oscar the better.
Even the palace fans who "backed" Jordan (rather than the anti-brigade; apparently supporters either love/hate him,theres no middle ground) are turning. He says he's invested £38m, but, how much of this was actually HIS money and how much was the parachute payments ? Agree with our scousemate (Soundas....) he has more money than the average joe but nothing likes he wants us to believe.
Actually, whilst you're lurking on here - and being serious for a minute (which is unlike me!) - I have to say that I was a bit surprised by the reaction to certain posters onthat thread when all they seemed to be doing was bringing this to the attention of a wider audience. It's not even as if they were doom-mongering, attacking Tango or anything like that. It just seemed to me that they were merely pointing out facts and yet were getting royally castigated for it.
Clearly some history there between individual posters, but what's your take on it and are you a bit concerned by the apparent apathy to the situation displayed by some of your Nigel "chums"?
From what i could see that company deal with distressed companies AND special situations.
About 99% of football clubs are special situations. Since the credit crunch, banks have not wanted to lend nearly so much money and in most 'commercial loan' cases (ie overdrafts, short term loans etc) have been either increasing pricing or alternatively calling loans and overdrafts in at the end of their term (i.e. demanding they are repaid).
With the amount of lenders prepared to provide funding to the leisure industry (hence football clubs) dropping considerably it is no surprise that clubs like Palace have had to seek unusual lenders to help them out - which will cost a heck of a lot of money in interest no doubt. It does not nec mean they are a bad business, just that banks do not see them as the right risk profile at the mo.
It just goes to show how sensible Charlton are to get a grip on their finances early...chasing the premier league this season could well end up in massive issues with a few clubs in the championship next year as the credit crunch is highly unlikely to change must until 2010 at the earliest.
Perhaps the way forward is to survive financially while everyone else goes bust, gets 15+ points deducted and relegated we come along and win the league by default?
valleyman -- I think that's right, or at least what I tell myself when thinking about the inevitable prospect that Zheng Zhi will be sold for less than frankly he is worth (understand that he may not want to renew his contract and we might lose him on a free, but giving ZZ a chance to play another half season of first team football and impress will more likely increase his value in the January transfer window than diminish it).
Rumour around Iwelumo was that Colin had done a good job with the meeting and was convinced the deal was as good as done, only for Susan to have his mobile permanently switched off when the agent was trying to confirm the fiancials of the deal. Wolves nipped in, their deal was done in no time and Warnock was left unimpressed with one that he wanted but got away.
Comments
http://forums.cpfc.org/showthread.php?s=cabb50843b3b7aa7dd47429dd76b49f3&threadid=173831&perpage=20&highlight=&pagenumber=1
sorry to say this, but, i met Neil Warnock at the Kent/Essex game at Beckenham last month , and he seemed like areally nice guy. Also , know afew Palace supporters and they're alright . Now , when it comes to the Spanners.......
Not my specialist subject (as you can tell, lol) but I am intrigued, all the same.
Might be he's not a flush as he makes out and is now just looking to get out and get what he can before it goes down the pan.
Cheers for that, Bing - thank God it's a 'reputable' company with 'reputable' directors then, we wouldn't want Palace going to the wall, now would we? lol
It's soul-destroying enough for us to see it all dismantled before our eyes, so imagine how Murray et al must be feeling - years and years of careful work so suddenly ripped apart because of the greed at the very top of the game.
I could almost feel sorry even for Palarse...
Its rather like someone renting trying to gain a loan over someone that owns a house trying to secure a loan. Who would be the more "attractive" option for a bank and gain lower rates of interest?
Also if we are looking for outside investment, again who would be more attractive? A club that essentially rent their ground or one that owns theirs?
In SJ haste to gain "ownership" of Smellhurst, and plicate the Palace fans, he's fucked up royally IMO.
Sorry to repeat myself but i'll say it again....Yes, the bloke is worth a nice few quid by anyones standards BUT, he aint worth anything like the kind of wonga he would have everyone believe.
Agree with our scousemate (Soundas....) he has more money than the average joe but nothing likes he wants us to believe.
Actually, whilst you're lurking on here - and being serious for a minute (which is unlike me!) - I have to say that I was a bit surprised by the reaction to certain posters onthat thread when all they seemed to be doing was bringing this to the attention of a wider audience. It's not even as if they were doom-mongering, attacking Tango or anything like that. It just seemed to me that they were merely pointing out facts and yet were getting royally castigated for it.
Clearly some history there between individual posters, but what's your take on it and are you a bit concerned by the apparent apathy to the situation displayed by some of your Nigel "chums"?
About 99% of football clubs are special situations. Since the credit crunch, banks have not wanted to lend nearly so much money and in most 'commercial loan' cases (ie overdrafts, short term loans etc) have been either increasing pricing or alternatively calling loans and overdrafts in at the end of their term (i.e. demanding they are repaid).
With the amount of lenders prepared to provide funding to the leisure industry (hence football clubs) dropping considerably it is no surprise that clubs like Palace have had to seek unusual lenders to help them out - which will cost a heck of a lot of money in interest no doubt. It does not nec mean they are a bad business, just that banks do not see them as the right risk profile at the mo.
It just goes to show how sensible Charlton are to get a grip on their finances early...chasing the premier league this season could well end up in massive issues with a few clubs in the championship next year as the credit crunch is highly unlikely to change must until 2010 at the earliest.