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View Full Version : Palace boss Burley expected to start making signings as CVA agreed


cpfcfan1
25-06-2010, 07:04 PM
FAN power served Crystal Palace well again today, with season ticket-holders bolstering an overwhelming majority of creditors agreeing to the proposed company voluntary agreement (CVA).

It clears the way for the club’s takeover by the CPFC 2010 consortium, with Palace expected to be able to sign new players immediately.

A brief, formal meeting was held in the players’ lounge at Selhurst Park this morning attended by an estimated 100 people, according to initial reports by the Crystal Palace Supporters’ Trust.

Administrator Brendan Guilfoyle revealed that he had received more than 7,000 proxy voting forms, most believed to be from season ticket-holders.

The CVA – company voluntary arrangement, necessary for creditors to accept repayment terms for debts accrued by the club’s previous management – was agreed by 91.3 per cent of creditors.

Only the taxman, HM Revenue and Customs, voted against the CVA proposal, which required a 75 per cent majority to be accepted.

The formalities were all concluded within less than half an hour, the meeting breaking up with a warm round of applause.

Fears that previous owner Simon Jordan, one of the major creditors, might object to the CVA, proved unfounded as creditors voted to accept the 1.9p in the pound offer and other terms.

The Football League will now wait 28 days for appeals against the decision, and is expected to hold meetings with the club’s new owners to confirm them as “fit and proper persons”.

The League’s embargo on Palace signing new players will formally be lifted in 28 days’ time, although the club’s new manager, George Burley, is expected to be allowed to make signings in the meantime and wait for registration at the end of July and in time for the new season.

CPFC2010 had made it clear that if the CVA was not accepted, they would be unable to go through with their takeover.

Under the CVA, CPFC2010 agrees to give £250,000 to the administrators to give to preferred creditors and then distributed among the unsecured creditors.

Other terms of the agreement approved by the meeting include:

CPFC2010 provides a loan to allow the administrators to meet the club’s trading liabilities, not including wages for players and employees. CPFC2010′s £4 million purchase of Selhurst Park includes terms where Selhurst Park Ltd, the former owner of the ground who went into administration, waives its right to nearly £500,000 in rent payable during the period of administration. CPFC2010 will take on a number of liabilities of the club once the sale agreement goes through, including £114,000 to football creditors (a move aimed at satisfying the Football League) and the players’ entitlements up to the end of their contracts, worth about £4.4 million.

http://www.southlondon-today.co.uk/tn/Sport.cfm?id=22851&headline=Palace

Shipp Ahoy!
25-06-2010, 07:24 PM
CPFC2010 had made it clear that if the CVA was not accepted, they would be unable to go through with their takeover.

So we shouldn't believe the MEMBER OF THE CONSORTIUM who directly said this to us that this isn't true then? :D

TOOPM
25-06-2010, 07:39 PM
So we shouldn't believe the MEMBER OF THE CONSORTIUM who directly said this to us that this isn't true then? :D

I only remember statements from the Administrators saying it wouldn't go through, but that hasn't been said since the deposit was put down on the ground.

LeeH
25-06-2010, 08:04 PM
So we shouldn't believe the MEMBER OF THE CONSORTIUM who directly said this to us that this isn't true then? :D
All water under the bridge now mate, it's time to look forwards, regardless of what was said.:lux: :p SLP often get it wrong or half right - and let's face it, they've not been TOO bad in the last month or two and have come down favourably on the fans efforts. Sure, they'll get back to being a Millwall rag soon enough and we can be bitter about them again :D

PeterH
25-06-2010, 08:06 PM
Hopefully the tax people won't drag this out via the appeals process.

BBD
25-06-2010, 08:23 PM
Spoke to BG after whose very much looking forward to his next job. He quite fancies Charlton as the next port of call. :D

sw16girl
25-06-2010, 09:02 PM
All water under the bridge now mate, it's time to look forwards, regardless of what was said.:lux: :p SLP often get it wrong or half right - and let's face it, they've not been TOO bad in the last month or two and have come down favourably on the fans efforts. Sure, they'll get back to being a Millwall rag soon enough and we can be bitter about them again :D


They are reporting what Brendan said in the meeting today - that was and remained the official line regardless of what was said on here.

woz1974
25-06-2010, 09:34 PM
Spoke to BG after whose very much looking forward to his next job. He quite fancies Charlton as the next port of call. :D
:D :p :lux:

BBD
25-06-2010, 10:28 PM
In all seriousness, certainly wouldn't wish what we've been through on anyone, not even the Clowns and it was meant in jest. It does raise a serious point though that Championship Clubs are presently running at 103% of turnover.

We may even look back at this in future and actually thank our lucky stars we went into Admin when we did. Make no mistake, without two ten we almost certainly would have been dead ducks.

So, many thanks Brenda with an all's well that ends well. I think the rubiks cube has served him well to serve fellow fans' of other Clubs well in the future. Low key, but no less amazing day all the same. As MJ did say just over a year ago: "This is it", or was.

The work starts here to really rally and carry our enthusiasm and momentum from last season into this, in unity. Thanks BG & two ten for holding firm leading to this amazing (neeearly) final result today. As one incredible chapter of our history closes today, all our fans' can rightly be proud of the part (acknowledged by 2010) of the part we all played.

alan cola
25-06-2010, 10:54 PM
great news :lux:

Vince Hilaire's Afro
25-06-2010, 11:14 PM
Spoke to BG after whose very much looking forward to his next job. He quite fancies Charlton as the next port of call. :D

Should be a much easier job there. They are, after all, a well-run club.

EddieEdwards
26-06-2010, 06:19 AM
Spoke to BG after whose very much looking forward to his next job. He quite fancies Charlton as the next port of call. :DNearer his family?

Ron Dogers
26-06-2010, 07:10 AM
A couple of points -
1) as someone said, hope the rev just keep stumm. Loads get away without paying their dues and sponge off the country and a few mil is neither here or there in there eyes in the great scheme of things
2) agree - never want even in jest to have other proper footy fans suffer this
3) looks like we will be a well run club now, even if it means lower expectations (how long before BBS's are on moaning we have not robbed the bank to pay over the odds like it was out of a Monopoly box for players?)
4) Anyone with 1/2 a brain could see that we have been heading for admin ever since SJ said he wanted to sell as he was fed-up which in his "lips move so lying about money" way, really meant !I am running out of money"! If he had just put us into admin 2 years ago the debts and therefore losses to creditors including SJ would have been lower.