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Crystal Palace administrators place advert in Financial Times in effort to find a buyer
Eagles desperate for new owner...
9 Feb 2010 15:21:00
By Alan Dawson
In an effort to rid Crystal Palace of their financial turmoil, the club's administrators P&A Partnership have placed an advert looking for buyers in the Financial Times.
The club have debts that reportedly exceed £30 million, and their recent administration status has meant that the Football League have deducted the team 10 points, turning their promotion push into a relegation battle.
The club are currently in 16th place in England's Championship tier, with 33 points; four points above the relegation zone.
Previous chairman Simon Jordan, who is the club's biggest creditor with debts reportedly at £20m, has been looking to sell the club for 18 months.
P&A Partnership have been placed in charge of the club's debts, and wrote in the advert that would-be buyers have the chance to purchase "a long-established south London club" who are "currently enjoying success in the FA Cup".
Palace beat Wolves 3-1, thanks to a surprise hat-trick from Danny Butterfield, and face Aston Villa on Sunday in the FA Cup fifth round.
The advert surprisingly suggested potential owners would also own the freehold to Selhurst Park, which is currently not in the hands of the administrators but Lloyds bank.
Lloyds are the largest creditor to Rock, who bought the freehold but then went into administration.
The club have debts that reportedly exceed £30 million, and their recent administration status has meant that the Football League have deducted the team 10 points, turning their promotion push into a relegation battle.
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The club are currently in 16th place in England's Championship tier, with 33 points; four points above the relegation zone.
Previous chairman Simon Jordan, who is the club's biggest creditor with debts reportedly at £20m, has been looking to sell the club for 18 months.
P&A Partnership have been placed in charge of the club's debts, and wrote in the advert that would-be buyers have the chance to purchase "a long-established south London club" who are "currently enjoying success in the FA Cup".
Palace beat Wolves 3-1, thanks to a surprise hat-trick from Danny Butterfield, and face Aston Villa on Sunday in the FA Cup fifth round.
The advert surprisingly suggested potential owners would also own the freehold to Selhurst Park, which is currently not in the hands of the administrators but Lloyds bank.
Lloyds are the largest creditor to Rock, who bought the freehold but then went into administration.
| Sign up with 188BET for a FREE bet up to £25 – Great Prices, Every Game |
|
| Open an account with Sportingbet today and get up to £50 in free bets! |
|
| Sign up with William Hill for a free bet up to £25 |
|
| Sign up with bet365 for a free bet up to £200 |
|
| Sign up with Paddy Power - Bet £10, Get £20! |
|
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