Palace Players NOT being paid & Staff Laid Off

[funky]

Any club that go onto administration have my sympathy.

It's a terrible experience I think we still hold the record for the longest team in admin?

Simon Jordan should have focussed on looking inro bringing in investors for the club long before admin, now look at the state of the club.

What ever anyone can throw at Gianni and I am more than aware on this site I'm in the minority he worked miracles keeping us out of administration by bringing in the likes of Caliendo and chasing Flavio all round the world to convince him to get involved in QPR.

I for one am delighted that the club are in safe hands......of course it does help when Amit;s father in Law is one of the richest men on the planet.

Cant wait for next season.

If we go up perhaps I'll orgaise another award for Gianni

[QPR Report]

May 31, 2010 10:08:38 GMT @funky said:

...If we go up perhaps I'll orgaise another award for Gianni

I seem to recall that I helped you with some of the photos for that Paladini award.

Or checking back, I see I sent you some Gianni quotes

[Lonegunmen]

I see Sky are showing up today for the Palace meeting.

[klr]

"If we go up perhaps I'll orgaise another award for Gianni "

A. Not gonna happen

B. Did the person that suggested this "award" in the first place have the initials GP by any chance ?

[cpr]

I actually found the quote

"chasing Flavio all round the world to convince him to get involved in QPR"

hilarious. ;D

Thank you Funky.

[funky]

Thanks ... We are indeed to coin a phrase "Sailing in Safe waters"

But I am genuinely happy for our club at the moment Warnock is a superb manager at this level and I cant wait for next season.

As for the award the main one was organised by Gareth Ainsowrth but I really dont want to go down that road as it will just turn into another long Paladini thread.

My main point of contributing is just to point out that we are in a great position to have the board that we do now.

GP was involved in that so deserves a little credit , as for his role at the club now I'm sure if Amit and co thought it best for him to move on then he would be gone.

Anyway I have no interest in internet spats with people I'm just expressing an alternative view thats all.

Lets hope we get a season of good football and with a bit of luck a decent charge towards the play offs.

As for Palace I think they are not going to be alone in terms of teams with financial problems Hull City are in deep shit apparently.

[funky]

May 31, 2010 10:12:37 GMT QPR Report said:

May 31, 2010 10:08:38 GMT @funky said:

...If we go up perhaps I'll orgaise another award for Gianni

I seem to recall that I helped you with some of the photos for that Paladini award.

Or checking back, I see I sent you some Gianni quotes

Your two hundred word private message of your admiration for the man Report was a bit to long for the final cut I'm afraid

[funky]

May 31, 2010 10:57:56 GMT @klr said:

"If we go up perhaps I'll orgaise another award for Gianni "

A. Not gonna happen

B. Did the person that suggested this "award" in the first place have the initials GP by any chance ?

Yes Gino Padula sent me a very nice email regarding the contract that GP organised for him just before he left.

[QPR Report]

Shhhhh! (I'll lose Street Cred now in the anti-Gianni camp)

[QPR Report]

What the f is happening there...

Crystal Palace Official Site

Statement From 2010
Posted on: Mon 31 May 2010

As you are aware we are endeavouring to acquire both Crystal Palace Football Club and Selhurst Park. Everyone would agree Selhurst Park is pivotal to the long-term future of the club and CPFC2010 have always made it clear that they will not proceed without securing it.

We have now reached agreement with Agilo regarding their debt against the club and did have what we thought was an agreement with Bank of Scotland who are the major creditor of Selhurst Park Ltd. Subsequent to this agreement we have been sent a contract that does not reflect this agreement and is unworkable.

CPFC 2010 value Selhurst Park as a football ground but have agreed to pay a significant premium on that. We also recognise that a property developer may pay even more for the ground on the chance that they may be able to change its use sometime in the future. The bank have made it clear that they want to help the club and don't want to sell to a property developer now but are worried we may sell the land for development in the future, making a profit and embarrassing the bank in the process.

In order to put their minds at rest we have also agreed to an 'anti embarrassment' clause that allows the Bank to see a further return if we realise greater value from the ground in the future. In essence we need clarity on what that amount should be and how it is calculated. At the moment it seems the Bank want to make unlimited return in the future even if that value is created on the back of the success of the football club or money we have invested in a new infrastructure and not in appreciation
of the value of the land. We believe that the maximum they should make is the difference between what we will pay for the land as a football ground and what a property developer will pay now as a development opportunity plus interest.

We are dealing totally through intermediaries and its very frustrating, as we don't think the bank competently understand the situation we are in, or the urgency.

If we cannot reach agreement soon (we have a deadline of 3pm 1st June) Agilo have made their intention clear to sell the players and liquidate the club.

Please be assured we are doing everything we can to make this happen but as we sit today the future of Crystal palace hangs in the balance and is very
much in the hands of a person in a Bank in Scotland whom we have never met and it seems we are not allowed to speak to.

We note the new governments commitment to sport, particularly sport in the community, Bank of Scotland is currently government owned, as such we would urge
the new Prime Minister to intervene personally to resolve the situation or see a club supported by many thousands with 100 year history consigned to the scrapheap.


www.cpfc.co.uk/page/News/0,,10323~2062318,00.html

[QPR Report]

Palace's survival to be decided tomorrow
Monday, May 31, 2010, 13:26Comment on this story

by Danel Jones
www.sportcroydon.co.uk/palacenews/Palace-s-survival-decided-tomorrow/article-2234486-detail/article.html

THE group trying to take over Crystal Palace have been set a deadline of tomorrow afternoon to finalise a deal or the club will be liquidated.
An official statement from the CPFC 2010 consortium has confirmed they have been told by hedge fund Agilo, who made the decision to place the Eagles into administration, that a sale must be completed by 3pm on Tuesday June 1 or players will be sold and the club will be liquidated.
2010 - headed by Steve Parish and Martin Long - have been trying to force a rescue of the Championship club for the past few months.
A deal had seemed close, but complications over the sale of Selhurst Park have thrown the future of the club into doubt.
The statement read: "As you are aware we are endeavoring to acquire both Crystal Palace Football club and Selhurst Park. Everyone would agree Selhurst Park is pivotal to the long-term future of the club and CPFC2010 have always made it clear that they will not proceed without securing it.
"We have now reached agreement with Agilo regarding their debt against the club and did have what we thought was an agreement with Bank of Scotland who are the major creditor of Selhurst Park Ltd. Subsequent to this agreement we have been sent a contract that does not reflect this agreement and is unworkable.
"CPFC 2010 value Selhurst park as a football ground but have agreed to pay a significant premium on that. We also recognize that a property developer may pay even more for the ground on the chance that they may be able to change its use sometime in the future. The bank have made it clear that they want to help the club and don’t want to sell to a property developer now but are worried we may sell the land for development in the future, making a profit and embarrassing the bank in the process.
"In order to put their minds at rest we have also agreed to an ‘anti embarrassment’ clause that allows the Bank to see a further return if we realize greater value from the ground in the future. In essence we need clarity on what that amount should be and how it is calculated. At the moment it seems the Bank want to make unlimited return in the future even if that value is created on the back of the success of the football club or money we have invested in a new infrastructure and not in appreciation of the value of the land. We believe that the maximum they should make is the difference between what we will pay for the land as a football ground and what a property developer will pay now as a development opportunity plus interest.
"We are dealing totally through intermediaries and its very frustrating, as we don’t think the bank competently understand the situation we are in, or the urgency.
"If we cannot reach agreement soon (we have a deadline of 3pm 1st June) Agilo have made their intention clear to sell the players and liquidate the club.
"Please be assured we are doing everything we can to make this happen but as we sit today the future of Crystal palace hangs in the balance and is very much in the hands of a person in a bank in Scotland whom we have never met and it seems we are not allowed to speak to.
"We note the new governments commitment to sport, particularly sport in the community, Bank of Scotland is currently government owned, as such we would urge the new Prime Minister to intervene personally to resolve the situation or see a club supported by many thousands with 100 year History consigned to the scrapheap."

www.sportcroydon.co.uk/palacenews/Palace-s-survival-decided-tomorrow/article-2234486-detail/article.html

[blockhead]

liquidation starts 1500 if no deal.

[klr]

Pretty terrible really.

The bubble has burst.

I feel for them I really do, any true football fan would admire what they did at Hillsborough.

[londonranger]

Palace administrator faces up to reality of liquidation

Last updated: 31st May 2010



Selhurst Park: Problem area

Related links
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Crystal Palace administrator Brendan Guilfoyle admits he is not confident a deal can be done to save the club.

Palace on are on the brink of liquidation and the consortium in negotiations to buy the club have until 3pm on Tuesday to strike a deal.

The club's bank, The Bank of Scotland, have advised the group, CPFC 2010, that a sale must be completed by that date or the players will be sold and the club dissolved.

Guilfoyle says his confidence has turned to concern, and is in a difficult situation regarding the issue of player sales.

"I need money. I'm millions of pounds behind," he told Sky Sports News.

"Staff weren't paid on Friday, a number of them were made redundant, others were asked to carry on working for nothing. That's not a situation that I can allow to continue for long.

"So I've got to start selling players, and if I do that the indications are that (the consortium) 2010 will withdraw.

"Since they are the only party willing to acquire the club then there is a distinct possibility that once I've sold the players I'll have to walk away and let the liquidation process continue.

"I'd become quite complacent, thinking we were moving towards a deal tomorrow.

"The bank has got to get involved and has got to understand the issue the consortium have and see whether they can resolve it.

"I've been confident but I'm not confident anymore, I'm concerned now. I'm concerned that this problem might not be overcome in time."

Stadium issue

The problem with the mooted deal is the stadium Selhurst Park, as CPFC 2010 will not continue without securing the ground.

Guilfoyle added: "Essentially a price has been reached on the stadium but it's about what's known as the anti-embarrassment provision, the way the bank seeks to protect itself from embarrassment in the future should the ground be sold to a developer.

"My understanding is there's no limit on what that compensation could be, which is unsatisfactory to 2010.

"I think they're a little bit frustrated because they're not able to speak to the bank over this holiday weekend."

Meanwhile, the Eagles administrator revealed that he is in a position to sell players if necessary, with terms already agreed between Palace and QPR for the transfer of midfielder Darren Ambrose.
He remarked: "There are terms agreed on Darren and I would be in a position to move on him immediately, and there is interest in other players. We are holding our breath hoping 2010 can get across the line.

"Certainly the beginning of the liquidation of the club would begin."

[londonranger]

So if Palace go under, do we play with one team less?

[obk]

I don't think I understand about Ambrose. If they go under, I reckon anything could happen regarding deals. But if 2010 takes over, they don't want to sell players so we don't get him? Only if they are still under administration we will get him, which they will not be after tomorrow, no matter what?

Very strange.

But most of all tragic and sad, hopefully 2010 will secure a take over tomorrow.

[QPR Report]

I don't think any of us truly believe Palace will go into Liquidation. But that's because it's not happened before...

[magyarangol29]

Keeping positive - 15.00 and Injury time

[blockhead]

May 31, 2010 20:53:42 GMT magyarangol29 said:

Keeping positive - 15.00 and Injury time

good luck, I am sure an expression of interest would further the deadline.

one thing though, If you get a buyer Ambrose stays, but who will pay his wages?

[londonranger]

If the entire Palace organisation think that liquidation is possible why does Report think that nobody really think it is? A conondrum mixed with a mystery.

[obk]

london, as he said - only because it has not happened before. Also could be the administrators way of putting pressure on some of the involved.

[haqpr1963]

A very, very sad situation.

Awful to see so called football fans on another forum laughing about this......

[Lonegunmen]

Chester were destroyed.

Yes, very disappointing about that thread on that other site. I find myself really feeling for the Palace fans. On their MB most have been pretty appreciative of some of the support fans of other clubs have been giving them.

[obk]

It could just as well have been us, and it could be us in the future too. I think most people understand this or at least should understand it. If Palace is destroyed it could well be the start of something really nasty with loads of clubs getting into trouble.

Something must be done about the finances in football in general and english football in particular.

[QPR Report]

This is Local London
Palace consortium given 3pm deadline
Tuesday 1st June 2010
By Graham Moody »

CPFC 2010 must agree a deal for Selhurst Park by 3pm this afternoon or Crystal Palace face liquidation.

Joint administrator of the club Brendan Guilfoyle set the deadline yesterday after running out of money and having to make 29 staff redundant on Friday.

Those not made redundant have been asked to work for free until the takeover is completed or enough players are sold to cover wages.

Darren Ambrose was due to sign for Queens Park Rangers on Friday but the consortium, led by Steve Parish and Martin Long, told Guilfoyle not to let him leave and that if he did they would pull out of the deal.

The consortium have hit a stumbling block in their attempts to buy Selhurst Park from administrators PricewaterhouseCoopers though, prompting Guilfoyle to set the deadline.

The ground's major creditor, Bank of Scotland, are demanding an unlimited return of any sell-on fee should consortium sell the ground to developers for a profit in the future.

The consortium though feel though they should only make the difference between what they pay for the land as a football ground and what a property developer will pay now as a development opportunity plus interest.

A statement from CPFC 2010 on the Palace website said: "In order to put their minds at rest we have also agreed to an ‘anti embarrassment’ clause that allows the Bank to see a further return if we realise greater value from the ground in the future.

"In essence we need clarity on what that amount should be and how it is calculated.

"At the moment it seems the Bank want to make unlimited return in the future even if that value is created on the back of the success of the football club or money we have invested in a new infrastructure and not in appreciation of the value of the land.

"We believe that the maximum they should make is the difference between what we will pay for the land as a football ground and what a property developer will pay now as a development opportunity plus interest.

"We are dealing totally through intermediaries and its very frustrating, as we don’t think the bank competently understand the situation we are in, or the urgency.

"If we cannot reach agreement soon (we have a deadline of 3pm 1st June) Agilo have made their intention clear to sell the players and liquidate the club.

"Please be assured we are doing everything we can to make this happen but as we sit today the future of Crystal palace hangs in the balance and is very much in the hands of a person in a bank in Scotland whom we have never met and it seems we are not allowed to speak to."

Most of the 29 non-playing staff to be made redundant worked at the training ground and included goalkeeping coach Jim Stannard, academy manager David Moss and physios Nigel Cox and Sangi Patel, who had already resigned to join former manager Neil Warnock.

HR manager Kevin Watts and box office manager Mandy Anderson-Myers were also made redundant.

www.thisislocallondon.co.uk/sport/8194392.Palace_consortium_given_3pm_deadline/

[eskey8]

Is this a similar situation to what happened with wimbledon? Top be honest I don't really remember what happened with them?

[cpr]

As you were.

Deadline has been extended, wasn't really a deadline anyway, deal almost done etc blah blah.

Brenda just said Ambrose has not been sold to QPR as he is holding on to assets.

Deep breath.

[QPR Report]

I don't see how he has any say in Ambrose. I distinctly remember reading on some other site, that everything had been signed, sealed, delivered. Everything over. Just a question of announcing.

[haqpr1963]

Jun 1, 2010 14:37:41 GMT QPR Report said:

I don't see how he has any say in Ambrose. I distinctly remember reading on some other site, that everything had been signed, sealed, delivered. Everything over. Just a question of announcing.

Ah, but this is football and things can change.......

[blockhead]

CRYSTAL PALACE: Deal reached to save Eagles

4:50pm Tuesday 1st June 2010

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* By Graham Moody »


CRYSTAL Palace Football Club have been hauled back from the brink of extinction after the CPFC 2010 consortium finally agreed a deal in principle to buy the club and its Selhurst Park ground.

The administrator in charge of the Coca-Cola Championship club, who have debts of £30million, gave them until 3pm on Tuesday to reach an agreement with Lloyds Bank before the liquidation process was due to begin.

Hundreds of Palace fans who had gathered outside the bank's headquarters to demonstrate were fearing the worst when that deadline passed. But negotiations were continuing behind closed doors and the deal has now been struck, saving the 105-year-old club from going out of business in the nick of time.


www.newsshopper.co.uk/sport/football/palace/8195138.CRYSTAL_PALACE__Deal_reached_to_save_Eagles/