Is this non payment to Ippo for Lee just Jordan keeping hold of his wedge to pay the next rent installment for SP due at the end of the month (I believe £303,000)
Obviously not saving up to pay the rent then according to The Star.
CASH-STRAPPED Crystal Palace face eviction from Selhurst Park after falling behind on their rent payments.
Palace lease the stadium from property firm Rock Investments who slumped into administration earlier this year. Professional services company PriceWaterhouseCoopers (PWC) were appointed Rock’s administrators in June and it emerged last night that Palace are in arrears over the agreed rent instalments which costs them about £1.2m per year. The Eagles are working with PWC to sort out a deal but if a financial solution cannot be struck, under the lease agreement, Palace would be forced to leave the ground. PWC and Crystal Palace last night declined to comment but it is the latest in a growing list of financial woes for the South London club.
Boss Neil Warnock has been banned from signing new players after the League slapped a second transfer embargo over unpaid cash to Ipswich for the signing of Alan Lee.
Can someone remind me who once stated "I have used the structure - unbeknownst to Ron, I suspect - to purchase the freehold, which we exchanged on Friday last week. It now puts me in a position in which I own the freehold, which is what I said I would do for the club when I bought it six and a half years ago and goes to the heart of the plans of the football club having everything it needs in one place."
Are, but when sussed out that he hadn't actually 're-united' the Club and ground, he squirmed with.....
"The financiers behind my acquisition of Selhurst Park were Rock, who are owned by Paul Kelmsley, a pal of mine. Rather than going to a bank to get funding, I used Paul to fund the purchase of Selhurst Park with me becoming the beneficial owner. I will service the debt, as you would do with any mortgage, and myself and Paul at some stage would possibly have a deal if Palace ever move to carve up residential.
That didn’t work, so we changed it around to me having a 25-year lease on the stadium inside the Landlord and Tenants Act, which gives security, and I have a seven- year option to buy the stadium at a time that suits me. It gives me seven years to buy the stadium or relocate it somewhere else. I got the best of both worlds; the original perspective of ownership of the stadium was correct, but I didn’t want to go into the framework of how I funded it – it wasn’t anyone’s business. I have subsequently spent a year changing the dynamics of that for the betterment of the club".
I particularly like the last sentence.
Feel sorry for the Palace fans, but I'm loving the awful mess that the Orange Tosspot has got himself into. He called us morons and it's looking like he's getting closer and closer to finanical ruin for the SECOND time.
He called us morons and it's looking like he's getting closer and closer to finanical ruin for the SECOND time.
..........
The thing is I suspect that other areas of his business are fairing poorly, as we know he's heavily invested in Spanish real estate and that market is sinking as fast as the Holmesdale End.
It'll end in one of two ways - his bankruptcy, or him selling the club for much less than he paid/the money he invested in it to save himself.
no time at all on the 75 bus or so I remember reading somewhere.
Even with the recent cash injection our finances can't be too pretty so glasshousees and all that but enjoyable reading about Palaces troubles all the same.
Any idea what the real gate v Sheff Wed was Niick!
I was listening to Colin Wnker on the way home from the Valley on Sat via BBC radio London and he was talking about the kid Victor Moses ( i think that was his name) and it was like a salesman selling a car and it sounded so desperate to sell it was unreal
most clubs try to fend of the bigger clubs by stating that this is the best place for them to learn their career not Colin oh no,
he said this boy should be in the premier league he plays so much better when he is given time on the ball his game is suited for the premier league
I couldnt help but wonder why he had done that, this explains a lot i dont like the stripey feckas but i do not wish this on them and i hope that they get relegated 3 times but still exist i dont like to see clubs go down the tube their fans may be stripeys but sometimes it aint their fault it was their parents or their parents parents.
Fans dont ruin football clubs Orange perma tanned blonde fools do and they just have a really big one
I'm over here, and can't relate, but to answer Addicketed, wouldn't the obvious answer be, Jordan-sized and orange? I wouldn't know, but that seems to be the consensus on this board...
[cite]Posted By: Henry Irving[/cite]and thats after two wins.
Imagine if they went down.
Wash your mouth out.
Thankfully at the moment, most of our problems seem to be off the pitch. On the pitch, I feel the important business will be getting enough points plus 10, to avoid relegation.
Financially, to be honest there are so many conflicting things been said, I honestly don't know exactly how bad things are, but even i will admit they're certainly not good. I'll have to wait and read Eagledickted's report so I can see how bad things really are. (You're not SW16giel's old man are you)
Oh well one thing about Palace, is it never gets boring.
Palace are currently four points from the play-offs and five points from the relegation zone. But, with a ten-point deduction right now, they would be bottom, nine points from safety.
According to reliable Palace Sources they have not paid the rent on Sell Out since Dec 2008 and now owe £900k.
Cash strapped or Jordan playing games. Rock, the owners of Selhurst, are in Administration. The non payment of rent may have contributed to that although it seems unlikely. Jordan may be taking advantage of the administration to dodge the rent for a while and maybe secure a better lease or even purchase from Price Waterhouse Coopers, the administrators. That's the positive, everything is OK spin.
Jordan and Palace may also be skint. All their assets including players and even the jumbo screen are charged to an off shore company. They are behind with the rent and payments to other clubs hence the transfer embargo. Jordan lost at least £2m on the film Telstar according to Superclive. Sources at Palace doubt he actually put another £5m in during the summer.
Palace do have players they can sell (Scannel/Moses/Clyne) but the market below the very top is depressed and other clubs will know that Palace are desperate. For all Jordan's bluster he may have to take what he is offered. Certainly Warnock was talking up Moses like an estate agent selling a house recently.
Still before we laugh too much our finances are not that great either although we hope the recent re-investment has stabilised them for the time being at least.
[cite]Posted By: Steve Dowman[/cite]I knew you would have some cheery words of encouragement for our chums in surrey Dan.
Don’t get me wrong mate I would happily part with......oooww.... let me have a look in my pocket.....£0.23p to help them out of their current predicament
Despite Tangoman's smoke and mirrors classless self-promotion, they have been badly managed for years. Cash flow and an appreciation of how to run long term, successful businesses seem to be an utter mystery to him. I know we've had our problems of recent but these are the product of relegation, and all that comes with the huge drop in income from losing your PL status (oh and leaving a couple of idiots in charge of the transfer budget!). Palace simply has not had that height to drop from baring one season since SJ took charge.
Ideas such as ringing up ST holders and offering them 5 yr STs at hugely discounted rates when the club is short of a bob or two is a good deal for the fans, but not for your long-term cash flow, as you’re missing out on a lot of long-term income at a much higher level. Lying to your own fans about buying the freehold to SP, only to actually put it in the hands of a company that have since gone tits up and end up paying more to these guys, and subsequently PwC, more than they did to Uncle Ron.
Simon Jordan seems to me to be someone who was in the right place at the right time and sold a business for a decent amount of money, and doff cap to him for doing that, but since has stuttered from one poor investment to the next, trading on his own ego, rather than any true tangible talent for business. He certainly doesn’t have the long-term track record or investors / board do. I get the feeling that if ANY investor approached Palace that Jordan would jump ship, whereas I have no doubt that the guys at the helm of CAFC have and will look at whether any potential investor in CAFC is 'fit' to do so.
To sum it up simply; Murray invests in Oscar winning Slumdog Millionaire, SJ in a straight to DVD film.....Who is the real moron Simon?
The new season ticket brochure for season 2010/11 is available from this Saturday with some great prices which includes a special offer if the club gain promotion to the top flight.
The prices which are available for the month of October give a 5% discount on the prices which were announced for this season. In addition if you purchase in this month of October you will receive a FREE PREMIERSHIP season ticket if we are promoted at the end of season 2009/10 or season 2010/11.
The brochures will be available at the match this weekend so don't miss the chance to get ahead of the queue.
The details include these great offers in all areas of the ground and also our membership information for this current season."
And a free Premiership Season ticket if they go up. Why don't we ever think of ideas like that.
Our favourite Glazier Simon Jordan's words in the brochure
"....I have taken the decision to introduce the Season Ticket offer for the season2010/11, one month earlier than previous years. To receive a firm commitment from our most loyal supporters will put a firm seal on your support for the club at a time when it is most needed, thus galvanising the Club and it's supporters for the future. The money generated will boost our options in the loan market as well as the transfer window and allow us to push on in the second half of the season with a very optimistic push for promotion........I would say more than at any other time of my tenure here the Club Needs Your Support!......Also why not bring new blood or lapsed members back to the Club? Refer a new Season ticket holder, or a lapsed Season ticket holder, to the Club and you can get a further 10% rebate on next season's season Ticket purchase"
Good value for fans but he is saying that NEXT seasons ST income will be spent now, presumably to pay off Ipswich and the rent.
Speaking to other Palace fans who have a little more financial nous than myself, the general feeling is that administration is very unlikely, as SJ would be the one with most to lose, also the non-payment of the rent is another SJ game to try and re-negotiate with the bank.
Oh well, at least it doesn't seem as bad as originally thought, and possibly a good deal for next years seasons ticket.
Budgie, I have read a number of comments on the BBS and HOL. My reading of the situation is that this is clearly a negotiating position with PwC the Liquidators of Rock. He has almost certainly thought through his moves in this game of poker he is playing with Palaces creditors. He knows that it will be difficult to sell the ground for other purposes than football, and the property asset is of greater value with a sitting tenant in the Championship, hence he is stting back inviting a negotiation leading to favourable terms for a new/amended lease.
So should Palace fans stop worrying and be pleased that Jordan spots a opportunity and bears down on it? I'd still be pretty worried of I were you. There is the transfer embargo over an unpaid fee of £200K (the second one after former players wages weren't paid). If he had lots of cash/liquidity, do you think he would be running things like this, sending negative signals to other creditors etc and worrying fans? I shouldn't think so?
The problem for businesses/businessmen, is not normally the value of their assets, it ls how easily they can liquidate them to pay the immediate bills that are due. In short it's cashflow or the lack of it which forces businesses into administration. The administrator then gathers all the assets (including guarantees by directors) and distributes them to repay creditors. In my view Jordan has run short of cash.
Comments
Obviously not saving up to pay the rent then according to The Star.
CASH-STRAPPED Crystal Palace face eviction from Selhurst Park after falling behind on their rent payments.
Palace lease the stadium from property firm Rock Investments who slumped into administration earlier this year. Professional services company PriceWaterhouseCoopers (PWC) were appointed Rock’s administrators in June and it emerged last night that Palace are in arrears over the agreed rent instalments which costs them about £1.2m per year. The Eagles are working with PWC to sort out a deal but if a financial solution cannot be struck, under the lease agreement, Palace would be forced to leave the ground. PWC and Crystal Palace last night declined to comment but it is the latest in a growing list of financial woes for the South London club.
Boss Neil Warnock has been banned from signing new players after the League slapped a second transfer embargo over unpaid cash to Ipswich for the signing of Alan Lee.
"The financiers behind my acquisition of Selhurst Park were Rock, who are owned by Paul Kelmsley, a pal of mine. Rather than going to a bank to get funding, I used Paul to fund the purchase of Selhurst Park with me becoming the beneficial owner. I will service the debt, as you would do with any mortgage, and myself and Paul at some stage would possibly have a deal if Palace ever move to carve up residential.
That didn’t work, so we changed it around to me having a 25-year lease on the stadium inside the Landlord and Tenants Act, which gives security, and I have a seven- year option to buy the stadium at a time that suits me. It gives me seven years to buy the stadium or relocate it somewhere else. I got the best of both worlds; the original perspective of ownership of the stadium was correct, but I didn’t want to go into the framework of how I funded it – it wasn’t anyone’s business. I have subsequently spent a year changing the dynamics of that for the betterment of the club".
I particularly like the last sentence.
Feel sorry for the Palace fans, but I'm loving the awful mess that the Orange Tosspot has got himself into. He called us morons and it's looking like he's getting closer and closer to finanical ruin for the SECOND time.
..........
The thing is I suspect that other areas of his business are fairing poorly, as we know he's heavily invested in Spanish real estate and that market is sinking as fast as the Holmesdale End.
It'll end in one of two ways - his bankruptcy, or him selling the club for much less than he paid/the money he invested in it to save himself.
Even with the recent cash injection our finances can't be too pretty so glasshousees and all that but enjoyable reading about Palaces troubles all the same.
Any idea what the real gate v Sheff Wed was Niick!
We'll get some Portacabins in and you can have a corner in the club shop
most clubs try to fend of the bigger clubs by stating that this is the best place for them to learn their career not Colin oh no,
he said this boy should be in the premier league he plays so much better when he is given time on the ball his game is suited for the premier league
I couldnt help but wonder why he had done that, this explains a lot i dont like the stripey feckas but i do not wish this on them and i hope that they get relegated 3 times but still exist i dont like to see clubs go down the tube their fans may be stripeys but sometimes it aint their fault it was their parents or their parents parents.
Fans dont ruin football clubs Orange perma tanned blonde fools do and they just have a really big one
They've not done a bad job at millsmall over the years
"Wall" fans included? ;-)
as for this team, "Wall" i have absolutley no idea who you could be refering to are they a new team? ;-)
An affectionate term for Wallsall fans. ;-)
Just under 9,200 through the turnstiles.
Imagine if they went down.
:-)
How big IS an eagles dick?
Wash your mouth out.
Thankfully at the moment, most of our problems seem to be off the pitch. On the pitch, I feel the important business will be getting enough points plus 10, to avoid relegation.
Financially, to be honest there are so many conflicting things been said, I honestly don't know exactly how bad things are, but even i will admit they're certainly not good. I'll have to wait and read Eagledickted's report so I can see how bad things really are. (You're not SW16giel's old man are you)
Oh well one thing about Palace, is it never gets boring.
You know who you are...........
Banter is banter but keeping your fingers crossed that our relegation would naturally lead to admin is something different.
Isnt karma a great thing?
Cash strapped or Jordan playing games. Rock, the owners of Selhurst, are in Administration. The non payment of rent may have contributed to that although it seems unlikely. Jordan may be taking advantage of the administration to dodge the rent for a while and maybe secure a better lease or even purchase from Price Waterhouse Coopers, the administrators. That's the positive, everything is OK spin.
Jordan and Palace may also be skint. All their assets including players and even the jumbo screen are charged to an off shore company. They are behind with the rent and payments to other clubs hence the transfer embargo. Jordan lost at least £2m on the film Telstar according to Superclive. Sources at Palace doubt he actually put another £5m in during the summer.
Palace do have players they can sell (Scannel/Moses/Clyne) but the market below the very top is depressed and other clubs will know that Palace are desperate. For all Jordan's bluster he may have to take what he is offered. Certainly Warnock was talking up Moses like an estate agent selling a house recently.
Still before we laugh too much our finances are not that great either although we hope the recent re-investment has stabilised them for the time being at least.
Despite Tangoman's smoke and mirrors classless self-promotion, they have been badly managed for years. Cash flow and an appreciation of how to run long term, successful businesses seem to be an utter mystery to him. I know we've had our problems of recent but these are the product of relegation, and all that comes with the huge drop in income from losing your PL status (oh and leaving a couple of idiots in charge of the transfer budget!). Palace simply has not had that height to drop from baring one season since SJ took charge.
Ideas such as ringing up ST holders and offering them 5 yr STs at hugely discounted rates when the club is short of a bob or two is a good deal for the fans, but not for your long-term cash flow, as you’re missing out on a lot of long-term income at a much higher level. Lying to your own fans about buying the freehold to SP, only to actually put it in the hands of a company that have since gone tits up and end up paying more to these guys, and subsequently PwC, more than they did to Uncle Ron.
Simon Jordan seems to me to be someone who was in the right place at the right time and sold a business for a decent amount of money, and doff cap to him for doing that, but since has stuttered from one poor investment to the next, trading on his own ego, rather than any true tangible talent for business. He certainly doesn’t have the long-term track record or investors / board do. I get the feeling that if ANY investor approached Palace that Jordan would jump ship, whereas I have no doubt that the guys at the helm of CAFC have and will look at whether any potential investor in CAFC is 'fit' to do so.
To sum it up simply; Murray invests in Oscar winning Slumdog Millionaire, SJ in a straight to DVD film.....Who is the real moron Simon?
"2010/11 Season Ticket Prices Announced
The new season ticket brochure for season 2010/11 is available from this Saturday with some great prices which includes a special offer if the club gain promotion to the top flight.
The prices which are available for the month of October give a 5% discount on the prices which were announced for this season. In addition if you purchase in this month of October you will receive a FREE PREMIERSHIP season ticket if we are promoted at the end of season 2009/10 or season 2010/11.
The brochures will be available at the match this weekend so don't miss the chance to get ahead of the queue.
The details include these great offers in all areas of the ground and also our membership information for this current season."
And a free Premiership Season ticket if they go up. Why don't we ever think of ideas like that.
Our favourite Glazier Simon Jordan's words in the brochure
"....I have taken the decision to introduce the Season Ticket offer for the season2010/11, one month earlier than previous years. To receive a firm commitment from our most loyal supporters will put a firm seal on your support for the club at a time when it is most needed, thus galvanising the Club and it's supporters for the future. The money generated will boost our options in the loan market as well as the transfer window and allow us to push on in the second half of the season with a very optimistic push for promotion........I would say more than at any other time of my tenure here the Club Needs Your Support!......Also why not bring new blood or lapsed members back to the Club? Refer a new Season ticket holder, or a lapsed Season ticket holder, to the Club and you can get a further 10% rebate on next season's season Ticket purchase"
Good value for fans but he is saying that NEXT seasons ST income will be spent now, presumably to pay off Ipswich and the rent.
So what do they do next year?
And what if they go into administration?
Oh well, at least it doesn't seem as bad as originally thought, and possibly a good deal for next years seasons ticket.
So should Palace fans stop worrying and be pleased that Jordan spots a opportunity and bears down on it? I'd still be pretty worried of I were you. There is the transfer embargo over an unpaid fee of £200K (the second one after former players wages weren't paid). If he had lots of cash/liquidity, do you think he would be running things like this, sending negative signals to other creditors etc and worrying fans? I shouldn't think so?
The problem for businesses/businessmen, is not normally the value of their assets, it ls how easily they can liquidate them to pay the immediate bills that are due. In short it's cashflow or the lack of it which forces businesses into administration. The administrator then gathers all the assets (including guarantees by directors) and distributes them to repay creditors. In my view Jordan has run short of cash.