CPFC and money

[Deportivo Seagull]

So where does buying success through a sugar daddy sit in financial practice ? We can crow plenty my friend because we have built up from nothing to a better team than yours.

Having a sugar daddy is not an issue providing that they honour their agreements, let's face nearly all clubs were in the past run by sugar daddies. Noades anyone!? If you review our situation we have a sugar daddy who is investing in the club with little (if any expectation) of getting the money.

Your second statement is bollocks! Your youth scheme is excellent, only a complete dickhead would say otherwise, however it has been funded for the last ten years by the taxman and your other creditors. You had something you couldn't afford but have used that to 'pay' for your success. Only a fool or someone with only a modicum of self respect would say otherwise.

 

[blue2]

The future looks bleak for Palace if they do not go up this season

 

[seagullsovergrimsby]

Having a sugar daddy is not an issue providing that they honour their agreements, let's face nearly all clubs were in the past run by sugar daddies. Noades anyone!? If you review our situation we have a sugar daddy who is investing in the club with little (if any expectation) of getting the money.

Your second statement is bollocks! Your youth scheme is excellent, only a complete dickhead would say otherwise, however it has been funded for the last ten years by the taxman and your other creditors. You had something you couldn't afford but have used that to 'pay' for your success. Only a fool or someone with only a modicum of self respect would say otherwise.

There is an ethical argument that the proceeds from the Zaha transfer are paid to HMRC.

 

[CPFC G]

The future looks bleak for Palace if they do not go up this season

How so?

 

[5 Zero]

The future looks bleak for Palace if they do not go up this season

Wishful thinking.

 

[5 Zero]

Your second statement is bollocks! Your youth scheme is excellent, only a complete dickhead would say otherwise, however it has been funded for the last ten years by the taxman and your other creditors. You had something you couldn't afford but have used that to 'pay' for your success. Only a fool or someone with only a modicum of self respect would say otherwise.

Utter, utter bollox. You make it sound like our academy cost trillions to set up and run when in fact the routes of it's success stem from a long term targeted plan that in recent years is starting to pay dividends i.e the recruitment of decent scouts and coaches and being fortunate in the fact that we have a large catchment area to pick the best up and coming talent from. Once we got players in we purposely went out of our way to make the academy feel like a family environment and a place were youngsters could enjoy there football, improve themselves and if they did sufficently well enough, get first team opportunities that they wouldn't get from a Prem team. This snowballed and our academy started to get recognised as one of the best and word of mouth gets round meaning its more likely that players will choose us hence we have had youngsters like Ryan Innis turn down Man City to join us. For a club the size of ours, the costs of the academy were easily sustainable with the crowds we were getting when it was introduced, you do realise that a lot of clubs in League 1 and 2 have successful academys as well that don't cost an arm and a leg? What got us into the financial mess we found ourselves in was spending big fees on players like Kuqi and Akinbyi who turned out shit and got us nowhere, managerial pay offs and a hedge fund panicking and asking for there loan back all in one go without any notice.

 

[Deportivo Seagull]

Utter, utter bollox. You make it sound like our academy cost trillions to set up and run when in fact the routes of it's success stem from a long term targeted plan that in recent years is starting to pay dividends i.e the recruitment of decent scouts and coaches and being fortunate in the fact that we have a large catchment area to pick the best up and coming talent from. Once we got players in we purposely went out of our way to make the academy feel like a family environment and a place were youngsters could enjoy there football, improve themselves and if they did sufficently well enough, get first team opportunities that they wouldn't get from a Prem team. This snowballed and our academy started to get recognised as one of the best and word of mouth gets round meaning its more likely that players will choose us hence we have had youngsters like Ryan Innis turn down Man City to join us. For a club the size of ours, the costs of the academy were easily sustainable with the crowds we were getting when it was introduced, you do realise that a lot of clubs in League 1 and 2 have successful academys as well that don't cost an arm and a leg? What got us into the financial mess we found ourselves in was spending big fees on players like Kuqi and Akinbyi who turned out shit and got us nowhere, managerial pay offs and a hedge fund panicking and asking for there loan back all in one go without any notice.

It is not bollocks.
The simple fact is that CPFC was run so badly that it had to call in the administrators twice. It's revenue was far outweighed by it's outgoings, the crowds could not sustain the club and this includes the academy. It doesn't matter if the academy cost 10k or 10m to run, the simple fact is that you did not have the money to run it, the money used belongs to the tax payer and other creditors. The fact that the academy is excellent is neither here nor there. Simple question. who paid the wages of the people involved in the academy and where did it come from? The answer is the taxpayer and other creditors, not CPFC. Your excellent academy was funded by someone other the CPFC. Not difficult to understand!
I don't expect palace fans to wring their hands and beat themselves up over it. What I do expect is the admission that if CPFC had, like many other clubs, cut their cloth accordingly then they might not have achieved the comparative success that they have.

 

[5 Zero]

It is not bollocks.
The simple fact is that CPFC was run so badly that it had to call in the administrators twice. It's revenue was far outweighed by it's outgoings, the crowds could not sustain the club and this includes the academy. It doesn't matter if the academy cost 10k or 10m to run, the simple fact is that you did not have the money to run it, the money used belongs to the tax payer and other creditors. The fact that the academy is excellent is neither here nor there. Simple question. who paid the wages of the people involved in the academy and where did it come from? The answer is the taxpayer and other creditors, not CPFC. Your excellent academy was funded by someone other the CPFC. Not difficult to understand!
I don't expect palace fans to wring their hands and beat themselves up over it. What I do expect is the admission that if CPFC had, like many other clubs, cut their cloth accordingly then they might not have achieved the comparative success that they have.

Rubbish. You're clearly trying to imply that we shouldn't now be enjoying the fruits of our academy in present day as we were never in a position to afford it when we first started the venture or that we were not earning enough money as a club to maintain it in the coming years. That's simply not true. It's 100% obvious that our academy costs on it's own were (and still are) easily well within the budget/turnover of a club earning the type of revenue that gates of 15k + and the per annual Sky Sports/BBC money, can expect.**League One and Two clubs also run academys similar to ours but earn far less than us as their crowds are lower and they don't get as much of the TV deal. It's not something if done right that costs a packet but although*you deny it, you're obviously deep down assuming ours was an expensive set-up well beyond our means as its had massive success/recognition compared to most. But as I told you in my last post, the reason its done so well is down to a long term plan, excellent recruitment, and where we are based. The people that run it do not earn massive wages, never have, never will, end of. They are in it as they love the game and helping players graduate to first team football and successful careers.

 

[Deportivo Seagull]

Rubbish. You're clearly trying to imply that we shouldn't now be enjoying the fruits of our academy in present day as we were never in a position to afford it when we first started the venture or that we were not earning enough money as a club to maintain it in the coming years. That's simply not true. It's 100% obvious that our academy costs on it's own were (and still are) easily well within the budget/turnover of a club earning the type of revenue that gates of 15k + and the per annual Sky Sports/BBC money, can expect.**League One and Two clubs also run academys similar to ours but earn far less than us as their crowds are lower and they don't get as much of the TV deal. It's not something if done right that costs a packet but although*you deny it, you're obviously deep down assuming ours was an expensive set-up well beyond our means as its had massive success/recognition compared to most. But as I told you in my last post, the reason its done so well is down to a long term plan, excellent recruitment, and where we are based. The people that run it do not earn massive wages, never have, never will, end of. They are in it as they love the game and helping players graduate to first team football and successful careers.

It dorsn't matter how well it was tun or how little it cost to run, it doesn't change the fact that CPFC was run using money that the club didn't have AND that includes the academy! The club was run on debt ..... Twice. Whether you should reap the rewards is a moral question more than anything. But being smug about something that was funded by creditors who got sweet fa back shows a distinct lack of class. What part of administration do you not understand?

 

[Del Fenner]

It is not bollocks.
The simple fact is that CPFC was run so badly that it had to call in the administrators twice.

This lie is trotted out regularly on NSC.

In 2010 who called in the administrators? I'll give you a clue, it wasn't CPFC.

 

[Seagull on the wing]

Jeez,to go up would cost a fortune....the more l0an players,more the cost......you....and us would have to shell out a fortune....can either of us afford it....time will tell....

 

[Deportivo Seagull]

This lie is trotted out regularly on NSC.

In 2010 who called in the administrators? I'll give you a clue, it wasn't CPFC.

Does it matter? Either way CPFC couldn't meet it's financial responsibilities and the administrator
was called in.

 

[5 Zero]

It dorsn't matter how well it was tun or how little it cost to run, it doesn't change the fact that CPFC was run using money that the club didn't have AND that includes the academy! The club was run on debt ..... Twice. Whether you should reap the rewards is a moral question more than anything. But being smug about something that was funded by creditors who got sweet fa back shows a distinct lack of class. What part of administration do you not understand?

There you go again, saying it was money we didn't have! That's like me going into an off-license, picking up a bottle of wine that costs a tenner and a 6 pack of beers for a fiver. When i get to the counter i'll be charged £15. I look in my wallet and notice i've only got a bloody tenner on me. I would have to put the beers back but I'd still have enough funds to purchase the wine legally!

In regards to your point 'your club was run on debt.' The vast majority of clubs are. You lost £8 million last year for example.

 

[Del Fenner]

Does it matter? Either way CPFC couldn't meet it's financial responsibilities and the administrator
was called in.

Obviously it doesn't matter when you aren't interested in the facts and would much rather spout the usual anti-Palace bollocks. Do carry on.

 

[beorhthelm]

There you go again, saying it was money we didn't have! That's like me going into an off-license, picking up a bottle of wine that costs a tenner and a 6 pack of beers for a fiver. When i get to the counter i'll be charged £15. I look in my wallet and notice i've only got a bloody tenner on me. I would have to put the beers back but I'd still have enough funds to purchase the wine legally!

except, what your previous owner did was say "can i have this all on tick anyway?" and didnt pay it back.

 

[GoldWithFalmer]

Palace will eventually find themselves where Portsmouth are and if they go into admin for a 3rd time they should be kicked out of the league-that's the trouble with this modern society- no losers, everybody has to win.

Well Brighton £8 million loss or not have lost for 14 years.......

Palace will have to go the way of Woolworth's if that's what it takes...

*wait's by the riverbank*

 

[seagullsovergrimsby]

This lie is trotted out regularly on NSC.

In 2010 who called in the administrators? I'll give you a clue, it wasn't CPFC.

The club doesn't have to call in the administrators Agilo was owed £4.3M and called in the administrators as Palace was £30M in debt and faced a winding up order from HMRC the following day. Agilo wanted to ensure they got their money back. Various creditors were asking for payments to be settled and players wages were paid late twice in previous months. Tangoman had already put £6M in the kitty during the summer but had a cashflow problem (he had run out of money to keep the club going). What happened to the £30m of debt ? It was wiped out. The administration in 1998 also wiped out a debt of £10M.

 

[5 Zero]

except, what your previous owner did was say "can i have this all on tick anyway?" and didnt pay it back.

But that's not true in reality is it? Unfortunatly for us, both Goldberg and Jordan have proved with hindsight to of been lacking on the buisness savy side of things and both made some stupid deals but as much as you all like to think, I have no doubt that neither went out there way to screw people over and gamble everything to get us to the Premiership. Goldberg was a decent person but had no idea what he was doing when it came to running a football club, he was out of his depth and his incompetence lead to admin. Jordan was a better Chairman business wise but still made some awful decisions along the way. But he also got very unlucky with a combination of unforeseen circumstances, and as a result, it went tits up for him.

 

[5 Zero]

The club doesn't have to call in the administrators Agilo was owed £4.3M and called in the administrators as Palace was £30M in debt and faced a winding up order from HMRC the following day. Agilo wanted to ensure they got their money back. Various creditors were asking for payments to be settled and players wages were paid late twice in previous months. Tangoman had already put £6M in the kitty during the summer but had a cashflow problem (he had run out of money to keep the club going). What happened to the £30m of debt ? It was wiped out. The administration in 1998 also wiped out a debt of £10M.

BS. That was never going to happen and they knew it, they just used it as an excuse to put us into admin.
Hilarious how BHA fans criticising all this yet anyone that has supported them for over 25 years will know that buisnesses were screwed over during your Archer era and defaults on a tax bill.

 

[Dougie]

The club doesn't have to call in the administrators Agilo was owed £4.3M and called in the administrators as Palace was £30M in debt and faced a winding up order from HMRC the following day. Agilo wanted to ensure they got their money back. Various creditors were asking for payments to be settled and players wages were paid late twice in previous months. Tangoman had already put £6M in the kitty during the summer but had a cashflow problem (he had run out of money to keep the club going). What happened to the £30m of debt ? It was wiped out. The administration in 1998 also wiped out a debt of £10M.

Nice bit of research grimbo The agilo debt would have been paid but agilo called Jordan's bluff and they got SFA . That £30 m was a debt to Jordan not palace so we went into ad for a debt of £4.3 m which was crazy . I really don't know why it bugs you so much , if it weren't for Tony's £ m' s you'd be in the same position with your debt from the withdean so thank your lucky stars he arrived and saved you .