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selhurstparkflyer
30-01-2010, 06:34 PM
Can somebody please explain to me how that 2.5m is going to help Palace?

Will it be used for running costs until we have found a buyer, will it pay off some debts, will it be used to pay the tax man and does it bring us any closer to coming out of administration?

Thanks for any help here and please feel free to move the thread if necessary.

spuff

Ralph
30-01-2010, 07:05 PM
Either to pay off some of the debt to Agilo or toward the running cost of the club until the Summer.

paf
30-01-2010, 07:05 PM
I'd assume day to running costs and then the preferred creditor, ie Agilo.

GodstoneEagle
30-01-2010, 07:16 PM
he hasn't gone [yet]

cpfc4evandeva
30-01-2010, 07:26 PM
According to the other thread he has?

sw16girl
30-01-2010, 08:28 PM
A large chuck of it - probably about 600k+ will be retained to pay the football creditors - it is possible the League will retain the whole lot and drip feed it in - their rules are a bit vague about whether they can do that but they certainly have retain all monies in the past. Of they may retain the whole 1.5m which is football creditors and release the rest to the administrator.

it depends on what agreement the Administrator has with Agilo (and possibly the FL) as to what happens to it next. One would hope that the FL have safeguarded their position by ensuring that they have the appropriate assurances that the administ5rator will not simply take the money and run.

selhurstparkflyer
30-01-2010, 08:36 PM
I have had to read that about 8 times, SW16 Girl to understand it and I accept my legal knowledge on such matters is worse than Matt Lawrence's football skills.

However, nowhere in what you say can I see any benefit whatsoever to CPFC.

917L
30-01-2010, 08:40 PM
A large chuck of it - probably about 600k+ will be retained to pay the football creditors - it is possible the League will retain the whole lot and drip feed it in - their rules are a bit vague about whether they can do that but they certainly have retain all monies in the past. Of they may retain the whole 1.5m which is football creditors and release the rest to the administrator.



1.5m football creditors?

What happened to the Fonte money then, who did that pay off?

mushroom
30-01-2010, 08:40 PM
******* Wigan????

King William
30-01-2010, 08:41 PM
1.5m football creditors?

What happened to the Fonte money then, who did that pay off?

the players wages

917L
30-01-2010, 08:41 PM
I have had to read that about 8 times, SW16 Girl to understand it and I accept my legal knowledge on such matters is worse than Matt Lawrence's football skills.

However, nowhere in what you say can I see any benefit whatsoever to CPFC.

The 2.5 mil will clear some of our debts, simple

eagle101
30-01-2010, 08:41 PM
1.5m football creditors?

What happened to the Fonte money then, who did that pay off?

Yeah, I thought the Fonte money had paid off Ipswich and Bristol City, and the wages, and now we only owed Charlton 100k?

917L
30-01-2010, 08:41 PM
the players wages

1.5 mil, I dont think so

sw16girl
30-01-2010, 08:46 PM
1.5m football creditors?

What happened to the Fonte money then, who did that pay off?

I have conflicting reports on that but I suspect most of it went to pay Benfica who were owed an instalment and the players wages.

The problem is that clubs virtually never pay all the transfer fees upfront. If it is a prem buyer the normal period is payment over 1 year with quite a lot of that up front. However in the FL it is usual to pay over 2 or even 3 years.

I think that is terrible practice as it encourages clubs to live beyond their means and because the football creditors get paid first the selling club does not have to worry whether their buyer can pay or not (unlike a normal trader who would be loathe to perhaps give that amount of credit without security). It is one of the things that creates the debt laden mess that most football clubs are.

Therre is also a distinct possibility we owe Bromley rent for the hire of the pitch last season (thus the late move somewhere else)- although I am not sure if that counts as a football debt or not - it may not. Whether it does on not it has to be irony overload

In this case once a club goes into administration all future instalments due to selling clubs become due immediately (this is to ensure they get their cash from the administration). so if I had to guess (and it is a guess) I would expect Ipswich, Bristol City, Charlton (we know them) and possibly West Ham for a Sears payment or maybe Benfica again.

Shoreditch to be completely blunt if moses was not sold and no one else was then the chances of Crystal Palace not being wound up would be very small indeed. If moses and other players are sold then the chances of not being wound up increase

welshneil
30-01-2010, 08:49 PM
I posted this in another thread but wonder whether waiting until administration to sell him may be a blessing in disguise.

I wonder whether, if we had sold VM BEFORE administration, would SJ have put the funds raised to good use or would we still have gone into administration? If the latter were a possibility then maybe it's a good thing he's gone now as we could've been in a situation where we had no Moses to sell and still be in administration. I'm not 100% sure how the incoming funds would've been used so I could be totally wrong.

Could any monies raised pre-administration have been just swallowed up?

sw16girl
30-01-2010, 09:02 PM
I posted this in another thread but wonder whether waiting until administration to sell him may be a blessing in disguise.

I wonder whether, if we had sold VM BEFORE administration, would SJ have put the funds raised to good use or would we still have gone into administration? If the latter were a possibility then maybe it's a good thing he's gone now as we could've been in a situation where we had no Moses to sell and still be in administration. I'm not 100% sure how the incoming funds would've been used so I could be totally wrong.

Could any monies raised pre-administration have been just swallowed up?

I would assume that that is what Agilo thought would happen and may be one of the reasons they acted when they did. I do not want to say that means we are in a better position now and until next week passes I don't think we can tell but it does mean their actions may not have been as completely inexplicable as has been suggested.

Biggineagle
30-01-2010, 10:19 PM
I have conflicting reports on that but I suspect most of it went to pay Benfica who were owed an instalment and the players wages.

Where did this come from?? He has been here yonks??

917L
30-01-2010, 10:36 PM
Where did this come from?? He has been here yonks??

Only 18 months since he signed

And Soccerbase has his transfer to saints down as 800k.....:(

Popeye'89
30-01-2010, 10:45 PM
Has Victor gone then?

Adlerhorst
30-01-2010, 11:11 PM
No. Clubs have agreed a fee. Palace have then publicised it for obvious reasons.

selhurstparkflyer
30-01-2010, 11:24 PM
Can Vic turn down the move? If he accepts it, there must be a huge great pay off to him form CPFC seeing as he did not ask for the transfer.

Funk Butter
31-01-2010, 12:02 AM
Can Vic turn down the move? If he accepts it, there must be a huge great pay off to him form CPFC seeing as he did not ask for the transfer.
I would think he would get a better payoff if he rejects the move, as now that clubs know what figure has been set, it's time for other clubs to up their bids. And those would be much better clubs than Wigan, and probably not as likely to be relegated. I'm sure if Wigan does get him for 2 or 2.5, they'll get double when they sell him in the next 2 years.

917L
31-01-2010, 09:04 AM
Can Vic turn down the move? .

Of course he can, he's under contract here