BusinessBusiness RecoveryCrystal Palace future on the line

Crystal Palace future on the line

Creditors, administrators, potential new owners, and fans hold out for bank agreement

Brenda Guilfoyle, Crystal Palace administrator

Crystal
Palace Football Club
faces liquidation unless its potential new
owners can beat the deadline set by creditors to complete the purchase.

Brendan Guilfoyle, administrator of Crystal Palace, has agreed a deal with
CPFC 2010 to buy the club, but the potential new owners want a deal signed with
the ground’s owners
HBOS.

But a statement from CPFC 2010 said that the current offer from the bank was
“unworkable”.

CPFC 2010 said the bank was worried that the consortium might look to sell
the ground in the future. Creditors Agilo have given until 1500 on tuesday for a
deal to be struck, or take the club into liquidation and sell its assets.

The consortium have agreed to an anti-embarrassment clause to pay the bank
the difference between their price and that which the bank could currently
receive from a property developer, if the ground was to be sold in the future,
however it claims that the bank is looking for a potential unlimited return.

“We are dealing through intermediaries and its very frustrating, as we don’t
think the bank competently understand the situation we are in, or the urgency,”
said the CPFC 2010 statement.

Further reading:

Portsmouth
CVA sees HMRC chase image rights payments

Hull
targets restructuring to avoid administration

Clear
as Crystal

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