Palace Players NOT being paid & Staff Laid Off

[magyarangol29]

It gets worse!

CRYSTAL Palace's players will not be paid their May wages on time tomorrow.

The Eagles squad have been told today that there are not the funds in place to pay staff until Darren Ambrose completes his £750,000 move to QPR.

And even then the South London Press understands that they will only receive 50 per cent of their salaries - with the rest dependent on further sales.

Administrator Brendan Guilfoyle needs to raise cash to meet running costs as takeover talks with the CPFC 2010 consortium show no signs of being completed soon.

Looks like Plan B is likely to be implemented now

[cpr]

Don't sound good, I wouldn't rely on us for the money!

Is there a plan B?

[Zamoraaaah]

Not good for you guys at all.
It will also mean the circling vultures will bid low for players knowing you are desperate.

Magyar,
Who are the CPFC 2010 consortium and why are they dragging their heels?

[grumpyolde]

What an opportunity for the richest man in the U.K. to find a few bargains in the fire sale at Palace After all they did have a better squad than QPR so there can be some improvements from that.

The sad thing is that we are still scratching around in the bargain basement. Basically nothing has changed much at Loftus Road.
Paladini is still here, Briatore is still a shareholder, the gang who stole the club is still intact - just a new face up front, but we are still shopping at Poundsaver. Are we all dizzy from the spin?

[magyarangol29]

Not good at all.

"Plan B" is BG's firesale releasing Clyne, Speroni, Danns et al.

As of 20.00 last night it was and still is 95% certain that Ambrose will be a hoop in the next 24 hours.

Zed, CPFC 2010 is made up of local fans/businessman. The two "known" front runners are Steve Parish (GAC) & Martin Long (ex RBS/Churchill Insurance bloke). Rumour has it that Ron Noades, former chairman, is also involved and leading the way to purchase the stadium.

They are not so much as dragging their heels, more of a very dangerous game with Simon Jordan. Initially they came out and stated that they would indeed fund the club until the deal was done. Then of course came the creditors meeting with Simon Jordan declaring he would not sign/agree to the CVA. CPFC 2010 then back tracked and said fine they would no longer fund the club.

SJ himself, as I understand, has stated the 1p in the £1.00 will make him bankrupt. I also understand that SJ is keen for NW to continue raiding Palace but has suggested that NW bid higher to help Palace out as there is simply no money in the club at all.

Other "rumours" are that Danns could also be a hoop for £300k.

It doesn't get any better!

[klr]

I'm more guilty of having a pop at Palace than most, but my admiration for them genuinely grew over the course of the season culminating in that tremendous display of Solidarity at Hillsborough.

I hope they get out of it & without knowing the full details, I think they will, all the best to them, its only a really low class character that has a pop when they are in dire straits, the fans down there are essentially good people that love their club.

[QPR Report]

I think Palace has been down this road (several times) before...Had to sell off their players and then come back...

[magyarangol29]

May 28, 2010 8:34:28 GMT QPR Report said:

I think Palace has been down this road (several times) before...Had to sell off their players and then come back...

Tell me about it

[Lonegunmen]

real club with real fans, not plastic ones at Palace. The turnout for our game there showed there is a good fan base. More loyal than Chelski fans.

[magyarangol29]

May 28, 2010 9:45:10 GMT Lonegunmen said:

real club with real fans, not plastic ones at Palace. The turnout for our game there showed there is a good fan base. More loyal than Chelski fans.

Agreed. Dispite loosing that day the support was indeed strong on both parts!

Letter from Brenda to all staff.

ANNOUNCEMENT TO ALL STAFF - WAGES

I regretfully today have to announce that we will not be in a position to pay any wages tomorrow Friday 28th May, or Tuesday 1st June, despite all my efforts to avoid this situation.

As you know, I am no longer funded by Agilo who had previously funded me to the end of the season’s fixtures. I had always expected by now to be funded by a purchaser, however as CPFC 2010 have not yet secured the stadium or an agreement with the company’s unsecured creditors, funding from a purchaser will take longer than originally planned.

The strategy now is to sell players to fund the running of the Club in the immediate term. We are making progress to conclude the sale of a Player, but as of today this has not been completed. Once funding from this sale is received I will be in a position to pay 50% of your May wages immediately.

In the continued absence of funding from a purchaser, I may be required in forthcoming weeks to generate further player sale activity and it is then my intention to clear most, if not all, arrears of wages.

I do realise this this will create hardship for many and I ask you to please support the club all you can, by making alternative short term arrangements wherever possible. I will be at the Club tomorrow (Friday) and intend to speak to you all and answer your questions.

Thank you in advance for your support and understanding.

Brendan Guilfoyle

[The Scooter]

This Guilfoyle chap seems to be an incredibly poor Administrator. Up there with Ray Hocking.

[haqpr1963]

Good old Agilo, eh?

How stupidly shortsighted were they? Forcing a club that should have been pushing for the play-offs, with a good manager and squad, into administration over a debt of £5.5 million. Which of course has led to the club losing their manager and being forced to sell of their assets for much less than they would otherwise be worth....

Good for us, maybe, but as a real football fan I hate to see this kind of thing happening........

[Lonegunmen]

I dont mind seeing it happen to Manure, Chelski or Cardiff but anyone else is sad.

[blueeyedcptcook]

I also feel for their supporters, but don,t expect any stability at Palace until, the changing of the guard.

[QPR Report]

So Guilfoyle won't be getting paid either!

[magyarangol29]

May 28, 2010 11:54:49 GMT QPR Report said:

So Guilfoyle won't be getting paid either!

So it seems!

[QPR Report]

Just don't let what happened to QPR happen to you!

[QPR Report]

Sky Sports

Guilfoyle - Palace on knife-edge

Palace: In deep trouble


Administrator forced to despose of 29 non-playing staff

Crystal Palace administrator Brendan Guilfoyle has revealed the club is on a 'knife-edge'.

The Championship outfit were deducted 10 points for entering administration earlier in the season but managed to avoid relegation on the last day of the campaign.

A draw at Hillsborough sent Sheffield Wednesday down and salvaged some hope and optimism at Selhurst Park.

However, the Eagles' financial problems have not abated and on Friday Guilfoyle had to terminate the contracts of 29 non-playing members of staff.

The number makes up nearly half of Palace's workforce and the administrator admits the club is in a perilous position.

He told Sky Sports News: "In quite simple terms I'm out of cash and it's the end of the month and people are expected to be paid and I've had to inform the staff that I'm not currently in a position to pay them.

"I also need to make redundancies as I move forward into June. I need to reduce the amount of pay so a large number of people have been made redundant today.

"It's not over, but the club is on a knife-edge. I'm not funded and at this time of year there's very little income coming into the club but there's still a lot of expenditure going out in terms of wages.

"I'm juggling with all those difficulties."

Guilfoyle remarked that he is in a difficult situation at the moment, and revealed there was general co-operation with the decisions he has made.

"There were small elements of anger but generally I empathise with people," he added. "It's most unpleasant to send people home to tell their friends and family that they've got no money and really a lot of uncertainty as to when they're going to get any money.

"All I can do is explain the facts. I think they recognise that everybody's doing their best in a difficult situation. They've been magnificent and they're hoping for developments."


www.skysports.com/story/0,19528,11706_6177000,00.html

[Lonegunmen]

I've noticed on another site some of our fans giving Palace fans a bit of grief. www.wearetherangersboys.com/forum/showthread.php?t=64970

Short memories if you ask me, we were in a spot of bother and no Palace fans gave us any crap to the best of my memory. Perhaps we should start our own support Palace thread and show that QPR fans are not all heartless bastards after all? Now if it was cardiff then I would not have posted this message or Manure or Chelski.

[QPR Report]

I'm never been the biggest fan of Crystal Palace (And they "stole" Terry Venables from us!).

And if you look at the support they draw when successful (or even not successful) they are a "bigger" club potentially than us.

But what's happening to them, could easily have happened to us...And you never know re the future: Think (a somewhat discredited word) Karma: What goes around, comes around.

And this applies to all these clubs in trouble: You may not like the club/the fans - but at bottom, we all have something in common

[QPR Report]

A nice memory for Crystal Palace with the great Don Rogers

(AND PALACE went down that year! I remember before Venables and Allinson...had Bert Head buying and selling....)

[cpr]

Got no real issue with alice or their fans, not sure I know any either.

When I first moved here I expected to see alice and womble fans but they all manure and scouse.

Due to it's proximity it's a good away trip that I enjoy. Had a good time in the pub before our last game, plenty of banter and no aggro, even though one Rangers fan was actually doing my head in, lord knows what the alice fans made of him!

Good luck to them, there but for the grace etc....

[Lonegunmen]

Great game to have just watched.

[QPR Report]

Does anyone understand HOW Palace got to this situation? Because it seems like it was just a relatively minor thing which has skyrocketed.
www.thelondondailynews.com/crystal-palace-brink-going-business-jordan-could-seal-fate-p-4169.html
May, 2010

Crystal Palace 'on the brink of going out of business' - Jordan could seal fate

Crystal Palace is in danger of "going out of business" according to the embattled clubs administrators.

Negotiations are said to be on a knife edge just a day after the South-London side axed almost half its workforce and its leading goal scorer prepares to jump ship to cover the teams’ wages.

The only credible buyer, the CPFC 2010 consortium of local businessmen have made a conditional deal with the stadiums administrators, PricewaterhouseCoopers but cannot agree a CVA with its creditors. If they cannot do a deal over Selhurst Park, the deal is off and a creditors voluntary arrangement is the compulsory method of exiting administration.

A creditors meeting yesterday is meant to have thrown a major spanner into the works. The consortium – headed by Eagles fans Steve Parish and Martin Long are said to be at loggerheads with former Chairman Simon Jordan.


Jordan's claims 'rejected'

Ironically it is he who could inadvertently kick the 105-year-old club permanently into touch.

As the sides largest creditor he claims he is owed £7.8million but Guilfoyle says he only recognises £1.9m of that debt. With an expected offer of one penny return for every pound owed, it will not be easy for 2010 to reach that 75 per cent threshold of the total estimated £25m debt.


Talking to Sky News Guilfoyle said:

"In quite simple terms I'm out of cash and it's the end of the month and people are expected to be paid and I've had to inform the staff that I'm not currently in a position to pay them.

It's not over, but the club is on a knife-edge. I'm not funded and at this time of year there's very little income coming into the club but there's still a lot of expenditure going out in terms of wages."


Fire sale

The sale of Ambrose, 26, brings in £750,000 covering half of May's wages bill - but other players will have to be sold to cover the remainder and pay June's wages. Former manager Neil Warnock has swooped in for the midfielder making him the first of many expected to switch to North London rivals Queens Par Rangers. Contacts have been made over goalkeeper Julian Speroni, Clint Hill and Shaun Derry are both out of contract this summer and reports claim they will also join Warnock.

Guilfoyle said:

"Fans will be concerned because they see their star players being sold.

Now we are unfunded we need CPFC 2010 to intervene. I still feel there is every intention on the part of CPFC to complete the purchase but they need to secure the stadium first as that's the first step.

We don't have the ability to pay the current wages. We are already dealing with what's behind us rather than what's in front."

Administrator Brendan Guilfoyle, called in to run the Eagles since January, informed 29 workers of their redundancy yesterday.


Many key assets, i.e. players, are out of contract this season - Nick Carle, who came from Bristol City for £1m two years ago has just gone on a free transfer

Palace, who survived relegation from the Championship on the last day of the season have been in administration since January and narrowly avoided the drop after they were docked 10 points.




www.thelondondailynews.com/crystal-palace-brink-going-business-jordan-could-seal-fate-p-4169.html

[Lonegunmen]

Not a brawling fight, a peace attendance type of event, I see they are now asking fans from other clubs to join in - peacefully - as it affect other clubs too. Fulham with El Fayed looking at pulling out and other clubs in financial strife. They want lots of media there too to show solidarity etc. I can understand this and peaceufully too. They might not hold off the wolves but at least they show a passion and love for their club as we all would for our own........

Here's the call to arms:

"CPFC NEEDS US - THE TIME FOR TALKING & SITTING BACK IS OVER.


After 105 years of FA cup finals, semi finals, promotions, a championship title, giant killings, famous victories, Wembley, stockport, Hillsborough, Coppell, Cannon, Byrne, Freedman, Hilaire, Salako, Martyn, & Kember; all witnessed by generations & generations of passionate Palace fans, our club faces it’s biggest ever challenge…

WE HAVE RUN OUT OF MONEY AND ARE A MATTER OF WEEKS FROM NOT EXISTING

29 members of loyal staff sacked, no money for wages, players being sold just to keep us alive and the future of the club in the hands of companies and individuals whose decisions now directly affect the attempts by the CPFC2010 consortium to save us

As fans, the time for sitting back and doing nothing is over, we are out of time, it’s time to show the world and AGILO, PWC, LLOYDS BANK & SIMON JORDAN that we WILL NOT LET OUR CLUB DIE without a fight, a football club is not a business but the heart of the community and it is now their responsibility to keep that heart beating.

We are calling on all Palace fans to meet at Selhurst Park at 3pm on bank holiday Monday to kick up a storm and show these companies & the national media that we will not sit back and let our club die. Now is the time for unity and strength,when the odds are stacked against us, Palace fans have always come out fighting, now we must do it once again and make a last stand.

- 3PM kick off
- MONDAY 31st MAY
- SELHURST PARK STADIUM"

[Lonegunmen]

Still Palace fans still have a sense of humour..... (Liked the guys sig at the bottom, made me laugh too!)


Quote sw16girl at 29 May 2010 1:28pm

"Actually I can confirm that CPFC 2010 have not pulled out.

However that is not to say it is going to happen as it seems things are still very much on a knife edge."



That's unusual for South London.




--------------------------------------------------------------------------------

Nothing wrong with a fanny like a ripped coalman's pocket. Your missus has got a f*cking huge vag. Looks more like the underside of an octopus.

[QPR Report]

And the Palace Supporters Site "On and On it Goes"
www.holmesdale.net/page.php?id=82&story=4785

[ingham]

Noades? Ha ha ha ha ha. Sells them the stadium, knowing they're getting into deep trouble, waiting to buy it back at a discount, giving him a tidy profit and the stadium.

Wouldn't surprise me. Pity he didn't have any talent for the game, but that goes for most, if not all of them.

What's that about Fayed pulling out? I haven't been listening lately, as there is hardly any need to.

The Clubs' laughable 'finances' do all the talking necessary, and the directors are hardly capable of tackling THAT problem.

[Lonegunmen]

Yep Al is seriously looking to depart from Fulham. It would really turn over the club which has a long last gotten some credibility, well more than Chelsea will ever have.

[QPR Report]

Croydon Guardian on today's Palace Protest

Eagles fans hold protest today
6:00am Monday 31st May 2010

By John Payne »

Crystal Palace supporters have organised a protest to be held outside Selhurst Park this afternoon (3pm).

Fans are gathering to raise the profile of the club's current plight to highlight what the club means to its fans.

A spokesman said: "A few hundred are expected to attend, with over 500 having confirmed their attendance so far through various social networking sites."

Palace are currently in administration, having only narrowly remained in the Championship last season following a 10-point deduction.

Star player Darren Ambrose is this week expected to join Queens Park Rangers in a £750,000 deal.

Administrator Brendan Guilfoyle is desperate for a deal to be struck quickly so that the club can afford to pay its remaining players next month.

www.croydonguardian.co.uk/sport/eagleeye/8193254.Eagles_fans_hold_protest_today/