|
There are lively scenes in the City of London as thousands of Crystal Palace fans march on the headquarters of Lloyds bank. The South London football outfit has until 15.00 today to strike a deal with Lloyds subsidiary Bank of Scotland or the 105-year-old club is liquidated. All seemed to be going to plan as the CPFC 2010 consortium agreed terms to buy the club and a preliminary deal was shook on to buy the ground from the bank. But a statement on the Eagles website says the deal presented by the bank is "unworkable" and talks have collapsed. A CPFC 2010 statement called on Prime Minister David Cameron to intervene. Pointing out that BoS are "government owned" and urging him to "intervene personally to resolve the situation or see a club supported by many thousands, and with a 100-year history, consigned to the scrapheap." Spokesman for the consortium DJ David Jensen says the "sands of time are running out" but they are still talking and is confident a deal can be done". Raj Chandarana, an advisor to the Crystal Palace Supporters' Trust was defiant saying "we will not watch our club die". Warning other clubs he added "its Palace today, everyone tomorrow." The deadline was put in place by administrator Brendan Guilfoyle, and he admits he is "genuinely concerned" the club will. If a deal is not reached, Palace's best players will have to be sold for peanuts. Speaking on Radio 5 Guilfoyle said he had already received bids from other clubs to buy Palace players - CPFC 2010 have indicated to him its offer will be withdrawn if players are sold. Fans demonstrated and set off flares outside Selhurst Park yesterday to vent their frustration at the clubs precarious position.
Deal breaker: slice of future profits
The deal breaker appears to be over how much money the bank would receive if the ground is resold. Bank of Scotland has agreed to sell the ground to CPFC 2010 for a price lower than what a property developer may be prepared to pay but has asked for a share of any profit if it was sold again. The consortium claims it has agreed to an "anti-embarrassment clause that allows the bank to see a further return if we realise greater value from the ground in the future." However, the two parties now disagree on how much that "further return" would be. The statement continued: "It seems that the bank want to make an unlimited return in the future even if that value is created on the back of the success of the football club or money we have invested in a new infrastructure. We believe that the maximum they should make is the difference between what we will pay for the land as a football ground and what a property developer will pay now as a development opportunity plus interest."
"No ground no deal"
Local businessmen headed by Steve Parish and Martin Long said: "We are trying to acquire both Crystal Palace Football Club and Selhurst Park. Everyone would agree Selhurst Park is pivotal to the long-term future of the club and CPFC 2010 have always made it clear they will not proceed without securing it. We reached what we thought was an agreement with Bank of Scotland, who are the major creditor of Selhurst Park Ltd. Subsequent to this agreement we have been sent a contract that does not reflect this agreement and is unworkable." Guilfoyle has said the situation will not drift into June, nearly half the clubs staff were made redundant last week and others have not been paid since the end of April. Palace avoided relegation from the Championship on the last day of the season that saw them deducted 10 points for going into administration. Manager Neil Warnock jumped ship to rival London side Queens Park Rangers taking top striker Victor Moses with him. During the week Warnock swooped in for midfielder and leading scorer Darren Ambrose. The sale of Ambrose, 26, brings in £750,000 covering half of May's wages bill - but other players will have to be sold to cover the remainder and pay June's wages. If that happens, CPFC 2010 walk. More soon
|
