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palace face liquidation
Topic Started: May 31 2010, 10:50 PM (618 Views)
norwichnutta
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nutta knows !
Crystal Palace could be liquidated unless the group trying to buy the club can seal a deal by 1500 BST on Tuesday.

CPFC 2010 has been given the deadline by Brendan Guilfoyle, the administrator put in charge of the Eagles in January.

The group has agreed terms on a deal to buy the club but will not proceed until they secure Selhurst Park, which is being sold by Bank of Scotland.

But a statement from CPFC 2010 on the Palace website says the deal presented by the bank is "unworkable".

CPFC 2010, a group of local businessmen headed by Palace fans Steve Parish and Martin Long, were named as the administrators' preferred bidders in March.

However, with the deadline to buy the club now looming, the Championship club could be no more if the consortium fails to reach an agreement to buy Selhurst Park.

We would urge the new Prime Minister to intervene personally to resolve the situation

CPFC 2010

The statement read: "We are trying 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 CPFC 2010 have always made it clear they will not proceed without securing it.

"We reached 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."

The sticking point in the negotiations appears to be over how much money the bank would receive if Selhurst Park was re-sold in the future.

Bank of Scotland have agreed to sell the ground to CPFC 2010 for a price lower than what a property developer may be prepared to pay but has asked for a share of any profit if it was sold again.

The consortium claim they have 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."

However, the two parties now seem to disagree on how much that "further return" would be.

The statement continued: "It seems that the bank want to make an 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.

"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."

The statement concludes by saying: "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, and with a 100-year history, consigned to the scrapheap."

Palace avoided relegation from the Championship on the final day of the season with a 2-2 draw at Sheffield Wednesday that condemned the Owls to League One.

The club currently does not have the money to pay its staff their wages for May and on Friday made 29 people redundant.

Fans were planning to hold a demonstration at Selhurst Park on Monday to highlight the club's plight.

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flak
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It's nearly Christmas
Didn't they used to be owned by that businessman with the long blonde hair? :S
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norwichnutta
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nutta knows !
simon jordon he spat his dummy out about 2 years ago and refused to put any more cash in
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Kingkev
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Just call me Smeg
Bad news for Palace
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flak
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It's nearly Christmas
That was him. I can't remember what the programme was called that I watched him on. :S

I guess Palace wont be the only Championship club to go bust this season. Any word on Cardiff after they failed to win promotion?
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Dotty
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Stuck up bastard
Shocking news.

Jordan all to blame?
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norwichnutta
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cardiff have found some asian backers from somewhere i think
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flak
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Dotty
May 31 2010, 11:02 PM
Shocking news.

Jordan all to blame?
He probably seen it coming and jumped...
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Kingkev
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Just call me Smeg
Protests outside llyods bank today
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norwichnutta
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liquidation on hold as negotiation with the bank of scotland going well
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northbank
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this'll be my second local team going down the pan in 10 yrs. 1st wimbledon now palace :angry:
palace have to stay alive. have a great history of bringing in young talant
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norwichnutta
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palace will be ok now i think the administrators have even blocked ambrose's transfer to QPR on the request of the potential new owners so it must have a great chance of being rescued

it's such a shame that clubs seem to have to go this close to finishing before they can get new investment
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northbank
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it will always happen like that because the price will keep droping. they know they come in last minute an offer will be accepted because of the desperation of the sitituation
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norwichnutta
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Crystal Palace have been saved from extinction after the CPFC 2010 consortium agreed a deal to buy the club and Selhurst Park.

A 3pm deadline on Tuesday had been set for a takeover of the Championship club to be agreed or administrator Brendan Guilfoyle would have been forced to sell players and place Palace into liquidation.

CPFC 2010 had been desperately trying to put together a package to buy Palace, but the sticking point had been the purchase of the Selhurst Park ground.

However, a deal has now been agreed in principle with Lloyds Bank for the sale of Selhurst Park, which will allow CPFC 2010 to press ahead with its takeover.
Durable solution

A statement from Lloyds Bank read: "(Stadium administrator) PricewaterhouseCoopers has reached an agreement in principle with CPFC 2010 in relation to the sale of Selhurst Park.

"This enables the consortium to go ahead with the purchase of both the Crystal Palace Football Club and Selhurst Park.

"Lloyds Banking Group has worked hard throughout this process to achieve a durable solution. We are pleased a successful conclusion has now been reached.

"We are also pleased that PwC, which acts on behalf of Selhurst Park, has publicly acknowledged today the ongoing support it has received from Lloyds Banking Group."

Hundreds of Palace fans had gathered outside the bank's headquarters to demonstrate and had been fearing the worst when the 3pm 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.
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karl
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Tadpole's Excrement
Damn. I so wanted to see them go under so we can steal Ambrose :)
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