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Palace lose £5.3 million on latest accounts.....
- Thread starter ofco8
- Start date
Alex Alex Dawson oo! oo!
Primary data is fact
THE 4 Billionaires who openly bribed (see b&c below) a group of creditors to ensure that a CVA paying a paltry 1.93% to HMRC and the rest was voted through.
Crystal Palace Supporters' Trust CVA - Questions & Answers
seagullsovergrimsby
#cpfctinpotclub
At least Tony Bloom isn't shy in putting his hand in his pocket , £105M for a new stadium , £20M for a new training academy , £25M (?) in keeping the club afloat during the Withdean years.
Basil Fawlty
Don't Mention The War
What are you going on about? We've got a 5 year plan to get into the Premiershite.
We have lost money every year for the last 30+ years. The reason why the likes of Stanley (still the biggest of the villains IMO), and Archer were able to obtain control of the club was precisely because we did 'chase the dream' when we were in the top flight, and we paid the highest wages in the country, putting players on ten year contracts on terms that were beyond the means of the club.
The legacy of that is that the directors who followed Bamber were unable to reverse the financial position due to the bank calling the shots (Dean Saunders was sold to Oxford in 1987 for a paltry £60,000 by the bank demanding some of their money back, and Oxford were the only bidders so got him at a fire sale price). Stanley took advantage of the situation when the previous board had had enough, and whilst claiming to be an Albion fan, abused the fans trust by loaning money to the club at punitive interest rates, and when the club could not repay the money, was in a position to exploit a clause fining them a further £250k for late payment.
The position that Pompey are in is exactly what we went through, people slag off DK but he is a diamond in the cesspit of corporate non-governance of what went before him at the Albion, and has been surrounding Pompey for the last few years.
The legacy of that is that the directors who followed Bamber were unable to reverse the financial position due to the bank calling the shots (Dean Saunders was sold to Oxford in 1987 for a paltry £60,000 by the bank demanding some of their money back, and Oxford were the only bidders so got him at a fire sale price). Stanley took advantage of the situation when the previous board had had enough, and whilst claiming to be an Albion fan, abused the fans trust by loaning money to the club at punitive interest rates, and when the club could not repay the money, was in a position to exploit a clause fining them a further £250k for late payment.
The position that Pompey are in is exactly what we went through, people slag off DK but he is a diamond in the cesspit of corporate non-governance of what went before him at the Albion, and has been surrounding Pompey for the last few years.
Common as Mook
Not Posh as Fook
- Jul 26, 2004
- 5,631
We SPOKE to our creditors and agreed terms.
Palace didn't and 20p in the £ was FORCED upon them.
Agreed, the legal position has changed as a result of the Insolvency Act 2000,and the introduction of pre-packs.
I thought Palace paid a lot less than 20p in the pound (but may be wrong)
Hillian1
( . ) ( . )
1.9p in the pound I thought.
Common as Mook
Not Posh as Fook
- Jul 26, 2004
- 5,631
Right, so there is a world of difference in what we did and what they did.
It's a bit like me calling my utility company, explaining that I can't pay the full amount and they agree a lower repayment. Much better than me not paying and then declaring myself bankrupt
ROSM
Well-known member
Given the CVA was june 2010 then these accounts will cover the period directly around and after then. The 4m could well be a premium they paid to compete as a league club which is in fact worthless if they're not in a position to sell it on (without the rest of the club).
As for our accounts - on purely playing and competing at withdean in our final season and not including any stadium items and pre sold season tickets, If we make a loss of anything less than 2mGBP then I will be astonished.
Total income from sponsorships and advertising c500k
Total gate receipts based on 7k at c23gbp x 26 = 4.2m
TV receipts c300k
League payments including TV deal and shared payments c2m
so c7m in and a squad of say 25 on a average of 150k per year is 3.75m before we get into transfer fees, stewarding, travel and accomodation, office staff, costs of the centre of excellence office staff (and unlike portsmouth, lets not forget taxes)
As for our accounts - on purely playing and competing at withdean in our final season and not including any stadium items and pre sold season tickets, If we make a loss of anything less than 2mGBP then I will be astonished.
Total income from sponsorships and advertising c500k
Total gate receipts based on 7k at c23gbp x 26 = 4.2m
TV receipts c300k
League payments including TV deal and shared payments c2m
so c7m in and a squad of say 25 on a average of 150k per year is 3.75m before we get into transfer fees, stewarding, travel and accomodation, office staff, costs of the centre of excellence office staff (and unlike portsmouth, lets not forget taxes)
seagullsovergrimsby
#cpfctinpotclub
Tangoman got 1.9p in the £ , the alternative was 0p in the £.
Yes and No, because the legislation has changed. In 1995 the options available to the Albion were administrative receivership, liquidation or an informal deal with creditors. They managed to persuade creditorst that the latter option was in their best interests because (i) it was likely to give the highest payout (what we owed to the bank would have wiped out most/all the receipts from the sale of the ground, our only asset) and (ii) there was the opportunity for continuity of trade if we continued to operate in business.
What happened with Palace is different, as they went into administration in January 2010, but only came out of it in June. Under UK law (and this applies to all companies) the new owners are not responsible for the debts run up by the previous board. Have CPFC2010 exploited these rules, the answer is an unequivocal yes. Why did it not arise in relation to the Albion? Because Greg Stanley was busy leeching the club via his loans and exhorbitant interest rates, and made more money that way than by having the club wound up. When that situation no longer applied he and Archer changed the club's Articles of Association so that he would mop up any remaining cash. Thanks to the detective work of Paul Samrah (and the support of the Argus) this was exposed.
seagullsovergrimsby
#cpfctinpotclub
Back in the 1990's Greg Stanley was the equivalent of wonga.com . Out of the 3 BHAFC wannabe club-killers he was the least despised.
Yet he did the most damage.
seagullsovergrimsby
#cpfctinpotclub
At least Palace will be able to post a profit in the 2012/13 accounting period when they sell Zaha for £10M 
ROSM
Well-known member
Although it needs to be noted that the money that the club borrowed from Stanley was actually from the Stanley Family Trust. the Trustees of which were a) Bill Archer and b) Diana Stanley.
When the club was restructured in 1997, the 700k that Archer had in the club was actually the money that was owed to the Stanley Trust but the Stanley family 'handed' it over the Archer. When he was bought out for 350k in 2000, he basically got money for nothing.
When the club was restructured in 1997, the 700k that Archer had in the club was actually the money that was owed to the Stanley Trust but the Stanley family 'handed' it over the Archer. When he was bought out for 350k in 2000, he basically got money for nothing.
the wanderbus
Well-known member
This 4 million they've spent on goodwill, is it anything to do with them honouring season tickets sold by the gay willy wonka?
Blue n White
New member
WOO
and bogs not working in their main stand.
How sad.
Oh and their players are so much better than ours they can hardly get into top half of table.
Yet another ill informed thread starter driven by hatred and rivalry, so sad.
Barrel of Fun
Abort, retry, fail
We spent £1m on GOOD Will and he has turned out to be EXCELLENT Will.