I suspect the issue has been the valuing of the stadium which has to be included in the accounts

The value is usually calculated by Croydon council for rating purposes and not normally controversial

However I suspect the owners wanted the staduim valued significantly higher in light of the proposed development, simply so it increases the value of the club in the eyes of potential buyers.

Either that or they couldn’t work out how to value Benteke.....

It may be that when the Yanks came in there was a restructuring of the corporate structure that changed the accounting for the various companies involved. When Harris and blitzer came in, Browett, Long and Alexander resigned from their executive positions and Jani was added. So far, I've identified three companies with ownership of various CPFC assets, CPFC (2010), CPFC Ltd and CPFC Selhurst Park Ltd. I'm no CPA so the whole thing is rather confusing.

Edited by kenbarr (15 Jun 2018 7.30am)

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Whatever it is, there is undeniably a problem as the accounts were supposedly going to be with Companies House "imminently" and "in a matter of days" at the end of May, when the media first started reporting the story. Clearly we've provided a sufficient reason for the delay for the striking off action to be cancelled as it would appear that we still haven't provided the accounts.

There isn't much left by way of explanation that I can think of. Possibly there was a further restructuring in 2016/17 that we don't know about, and hasn't been done to the satisfaction of the auditors, or maybe we've adopted an accounting model that the auditors won't accept. I'm sure I read somewhere (possibly on here) that we need to submit accounts to HMRC at the end of June, which should be interesting.

Brighton's auditors included a note with their accounts that they doubted it was a going concern due to the ever increasing loans from Bloom, and those accounts were still submitted. I can't imagine we've done anything that would cause that level of concern.

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This isn’t how accounting works. The stadium is held at historic cost less depreciation (and impairment) so unless their is an impairment charge (doubtful as it’s only in the books at 3.5m and the land alone is basically worth that if they flog it for houses) then the valuation of the stadium is fairly free from judgment.

Neither do I as that is something that would be resolved in a meeting between directors and auditors and would have been sorted ages ago.

CPFC 2010 Ltd is the trading company and it's a wholly owned subsidiary of Palace Midco UK Ltd which in turn is a wholly owned subsidiary of Palace Holdco UK Ltd whose ownership is lost in the mists of Delaware.

The London offices are rented from the imaginatively named Smoke & Mirrors Group Ltd which is owned by Steve Parish