Palace Coup Secures Ground - 13/10/2006

A coup by chairman Simon Jordan has secured the freehold of Crystal Palace's Selhurst Park ground. It had been held by Ron Noades who was chairman from 1991 to 1998. Noades and Jordan have had a turbulent relationship and are not on speaking terms at present so Jordan bought the ground through a third party. Jordan commented, 'I'm not so sure that Ron is aware of who he has sold it to, but he has sold it to me.' Palace had been paying about £1 million a year in rent for the ground and had four years left on a ten year lease. With rumours circulating that Strathdene, a property company that owns the freehold to Bournemouth's Fitness First stadium, was about to add Selhurst Park to its portfolio, Jordan arranged a deal with Strathdene to buy the ground from Noades on the condition that it was then sold to him immediately for £12m.