Ford Super Sunday Posted 31 May 2010 Posted 31 May 2010 This statement was released today Statement CPFC2010 – 31st May 2010As 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. And Sky Sports have said they need to pay the £4.5m owed by that time, else they will liquidate the club. If the government doesn't intervene that is. Bad days for the Palace. EDIT: 24 hours 40 minutes left at time of posting. The 3 should never be so close to the 4!
Narborough_fox Posted 31 May 2010 Posted 31 May 2010 Always sad to see a club go under, really hope they pull something out of the bag even just for short-term.
Fosse Boy Posted 31 May 2010 Posted 31 May 2010 Awful. Hope they pull through. Not looking promising though.
Guest Bilo Posted 31 May 2010 Posted 31 May 2010 Terrible to see a club go under, and we all know how we felt when we were sailing perilously close to the wind in 02-03. Hope Palace pull through but it's not looking good.
C-man Posted 31 May 2010 Posted 31 May 2010 Would that mean that Sheffield Wednesday...? Apparently not. Taken from the Rules and Regulations of the Football League12.2.3 Is the important bit 12.2 Cessation of membership. If any Club ceases to be a member of The League for any reason (including, without limitation, pursuant to Article 4 of the Articles of Association or by way of relegation or expulsion for disciplinary reasons):- 12.2.1 during any Normal Playing Season, its playing record shall be expunged and the number of relegation places from the relevant Division for that Season shall be reduced by the number of Clubs ceasing to be members; 12.2.2 during the period between the end of the Normal Playing Season and the conclusion of the last Play Off Match for that Season, its playing record shall not be expunged but the number of relegation places from the relevant Division for that Season shall be reduced by the number of Clubs ceasing to be members; or 12.2.3 during the period between the conclusion of the last Play Off Match and the start of the following Season, its playing record shall not be expunged but the number of relegation places from the Division in which a Club would have played but for its cessation of membership, shall be reduced by the number of Clubs ceasing to be members and, during that Season, the relevant Division shall operate with a reduced number of Clubs.
The Doctor Posted 31 May 2010 Posted 31 May 2010 Apparently not. so it would be a 23 team championship next year and then extra promotion spaces in L1 and down the pyramid?
Edmund Posted 31 May 2010 Posted 31 May 2010 I'd like to hear what Fosse Fox has to say on the matter.
Fosse Fox Posted 31 May 2010 Posted 31 May 2010 Doesn't exactly come as a surprise that CPFC are facing oblivion with shimmy-shammy merchants like the Jordan brothers pulling the strings. Amidst all those grammatical errors there's a statement just waiting to get out: 'don't touch this with a barge pole.'
Babylon Posted 31 May 2010 Posted 31 May 2010 I fear they are going to be one of many, maybe even ourselves at one point. Something needs to be done and done quickly by the League, FA, FIFA etc.
Fosse Boy Posted 31 May 2010 Posted 31 May 2010 Photos from the fans' protest today. Looks like they broke in...
Asha Posted 31 May 2010 Posted 31 May 2010 I fear they are going to be one of many, maybe even ourselves at one point. Something needs to be done and done quickly by the League, FA, FIFA etc. Only a matter of time before football ****s itself.
Fosse Boy Posted 31 May 2010 Posted 31 May 2010 Statement CPFC2010 – 31st May 2010As 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. Doesn't look good for them.
Edmund Posted 31 May 2010 Posted 31 May 2010 First Wimbledon now Palace. Sad news if they do go under. You've got to feel for the fans.
purpleronnie Posted 31 May 2010 Posted 31 May 2010 Nah not many, doubt it will happen, nice to see the palace fans protesting like that.
stripeyfox Posted 31 May 2010 Posted 31 May 2010 the bubble could finally be about to burst. It will be a shame if Palace do fold, but I doubt any of the mega rich clubs in the prem will shed a tear. There are dozens of clubs whose business is unsustainable and now they can't get access to credit as easily in the past, I am sure there will be at least a few who end up going bust.
Webbo Posted 31 May 2010 Posted 31 May 2010 At the risk of looking silly I reckon Palace will still be a going concern this time tomorrow.
Guest ttfn Posted 31 May 2010 Posted 31 May 2010 I can't see this coming to anything. I hope I'm not wrong.
Ozwin Posted 31 May 2010 Posted 31 May 2010 Never been a big Palace fan but you've got to have sympathy for the fans. Hope everything sorts itself out for them, shocking how they've fallen in the last few seasons.
Basingstoke Fox Posted 31 May 2010 Posted 31 May 2010 Hope they pull through. Been to Palace 4 times now. Nice London away. Also their song from 0.40-2.00 in the fan protest video is really catchy, great football song, sounds brilliant. Fair play to them for doing all they can.
davieG Posted 1 June 2010 Posted 1 June 2010 Every club should be looking at Palace as if they're looking in the mirror reflecting the future. All you need is your 'rich' 'benefactor' having had enough of throwing their money away. Mandaric can't be far off reaching his limit of financially supporting lcfc, whether that be in hard cash or loans. Anyone else coming in is just delaying the inevitable unless you get promoted. Even then it doesn't solve the problem unless you're prepared to live in the Premier League on minimum funding and keep the surplus cash for the inevitable rainy day. Most clubs aren't 'rich' enough in depth to live with the pace being set by the top 5/6 clubs and any attempt to make a realistic go of it will only end in failure in the long run.
Palace Fan Posted 1 June 2010 Posted 1 June 2010 Guys, if you can, please sign this petition. Currently, we need all the help we can get, and we don't care who it's from. As fans of football, we're trying to do as much as we can to make sure that a club with over 100 years of history doesn't get pissed down the train. Please, sign this, and help a dying club. http://www.gopetition.co.uk/petitions/save-crystal-palace-football-club.html
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