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Building D5
Fairoaks Airport
Chobham
Surrey
GU24 8HU
Tel: 0871 399 0089
Fax: 01276 858010
View map
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Stadium ownership complicates Crystal Palace sale
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Uncertainty about the ownership details of Selhurst Park will affect the sale of English Crystal Palace. Any sale of the club will depend on it being able to claim ownership of the stadium and at this point the grounds are under the control of administrator PricewaterhouseCoopers.
The club itself is under the administration of P&A Partnership and Brendan Guilfoyle, a joint-administrator from the firm, has indicated that the club needs to make a sale as there are more cash demands now than anticipated earlier. The GBP 2 million from teh sale of Victor Moses to Wigan Athletic was supposed to help with expenses until the end of this season but now there is a £1 million bill for unpaid rend and another GBP 1 million due to the stadium owner in April. This latter payment was part of the deal signed when the stadium switched hands in 2008 which led to a rent increase from £350,000 to £1.2 million. The club also agreed to pay £2 million as fees and has paid 50 percent of that. In total the Crystal Palace has a debt of £32 million with £20 million of that owed to previous owner Simon Jordan. The community around the stadium has indicated its concern with any future transactions and Central Croydon MP Malcolm Wicks has written to Lloyds about the £12 million mortgage it holds on the ground. Croydon Council wans the sire to remain a sports stadium and preferably the home of Crystal Palace. All this can complicate and delay the sale of Palace and this could lead to further point deduction by the Football League. |
