South London Championship club are reported to be on the brink of folding. There is a consortium of local businessmen, CPFC 2010, ready to take over the club and they have agreed terms with the club’s administrators. However, a deal has not been concluded because there is a dispute about how much is owed to former owner Simon Jordan. He thinks he is owed more cash in any settlement than the administrator calculates he is entitled to.
South London Championship club are reported to be on the brink of folding. There is a consortium of local businessmen, CPFC 2010, ready to take over the club and they have agreed terms with the club’s administrators. However, a deal has not been concluded because there is a dispute about how much is owed to former owner Simon Jordan. He thinks he is owed more cash in any settlement than the administrator calculates he is entitled to. Meanwhile, half the non-playing staff have been sacked and even the sale of Darren Ambrose to QPR has not provided enough cash to meet the players’ wages.
As a Championship club in what is effectively Croydon, Crystal Palace should be a sound business proposition with prudent owners. Admittedly, the fact that the ground and club have been owned separately is a complicating factor. I would also argue that Palace have not been particularly fortunate with their owners, although Simon Jordan has managed to turn a big fortune into a small one through his involvement with the club.
There is undoubtedly some brinkmanship going on, but that often happens in the final phase of a takeover. I think that an acceptable deal will be reached sooner or later and work can then start on re-building the team for next season. If it isn’t, a groundshare may be the only short-term route to keep the club going. This would raise the possibility of a reversal of roles with Palace ground sharing with Charlton, just as the Addicks once did at Selhurst Park. Charlton are themselves cash strapped, but fans of both clubs would be happier if Palace were able to continue playing at their own ground and that is what will probably happen.