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February 26 2020 9.55pm

Palace in massive debt - rumour

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View Galv's Profile Galv Flag Wallington 07 Feb 20 7.18pm Send a Private Message to Galv Add Galv as a friend

I've been told by two separate accountants who are clients of mine that we are around £180 million in debt and are losing around £30 million a year. I've got no idea as the accounts are way over my head. Can any Palace boffins shed any light on this, any truth in it?

 

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View cryrst's Profile cryrst Flag Chatham 07 Feb 20 7.21pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Galv

I've been told by two separate accountants who are clients of mine that we are around £180 million in debt and are losing around £30 million a year. I've got no idea as the accounts are way over my head. Can any Palace boffins shed any light on this, any truth in it?

Ooh
Were f***ed.
Light enough

 

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View ASCPFC's Profile ASCPFC Flag Pro-Cathedral/caravan park 07 Feb 20 7.23pm Send a Private Message to ASCPFC Add ASCPFC as a friend

Originally posted by Galv

I've been told by two separate accountants who are clients of mine that we are around £180 million in debt and are losing around £30 million a year. I've got no idea as the accounts are way over my head. Can any Palace boffins shed any light on this, any truth in it?

From an accountant's point of view that may be correct - as for corporate liability, directors' loans etc the overall picture needs tax lawyers and corporate lawyers etc. Your everyday accountant does not give the entire picture - particularly in relation to Football clubs.

 


Red and Blue Army!

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View Midlands Eagle's Profile Midlands Eagle Flag 07 Feb 20 7.24pm Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by Galv

Can any Palace boffins shed any light on this, any truth in it?

The accounts for the year ended 30th June 2019 are due to be filed no later than 31st March so much will be revealed then.

Personally I don't believe your debt figure is anywhere near the correct figure - edit it's much lower

Edited by Midlands Eagle (07 Feb 2020 7.25pm)

 

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View thechaddyboy's Profile thechaddyboy Flag Peterborough 07 Feb 20 7.57pm Send a Private Message to thechaddyboy Add thechaddyboy as a friend

So much for client confidentiality then

 


Red & Blue since 73'

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View Bekken's Profile Bekken Flag 07 Feb 20 8.41pm Send a Private Message to Bekken Add Bekken as a friend

Indeed

 

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View ASCPFC's Profile ASCPFC Flag Pro-Cathedral/caravan park 07 Feb 20 8.46pm Send a Private Message to ASCPFC Add ASCPFC as a friend

All we need to do is find El Tel's secret stash under the main stand. Problem solved.

 


Red and Blue Army!

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View braunstoneagle's Profile braunstoneagle Flag the middle of bumf*** nowhere... 07 Feb 20 9.56pm Send a Private Message to braunstoneagle Add braunstoneagle as a friend

Originally posted by Midlands Eagle

The accounts for the year ended 30th June 2019 are due to be filed no later than 31st March so much will be revealed then.

Personally I don't believe your debt figure is anywhere near the correct figure - edit it's much lower

Edited by Midlands Eagle (07 Feb 2020 7.25pm)

agreed, since we have been in the PL we have made approx £10m f
profit.

our losses in the market have have been made up by the yannick & awb sales...however we have spent an awful lot more than that.

once we shed a few high earners from the wage bill we will more than likely break even on a year to year basis...which shows amazing management of the club, especially given teams like everton are losing £100m a season & watford are £160m in debt, and both will fail FFP in the near future.

 


‘Football isn’t instant coffee. You have to work at it. You must grow the bean, grind it.’ Ian Holloway


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View orpingtoneagle's Profile orpingtoneagle Flag Orpington 07 Feb 20 10.53pm Send a Private Message to orpingtoneagle Add orpingtoneagle as a friend

Please do not rely on the accounts telling the full story.

The ownership structure involves a myriad of companies and limited liability partnerships in places like Delaware where you don’t need to file accounts or disclose ownership.

These structures are ‘tax efficient,’ and make it impossible to see who owns what, who is owed what and who is entitled to what.

From what we see - failure to invest, selling players and the money going where? No new stand - appearances are we have financial ‘issues.’

 

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View Midlands Eagle's Profile Midlands Eagle Flag 08 Feb 20 7.29am Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by orpingtoneagle


From what we see - failure to invest, selling players and the money going where? No new stand - appearances are we have financial ‘issues.’

It's fairly obvious that we have financial issues but I doubt whether they are anywhere near the scale that the OP mentioned.

If as he says we are losing £30 pa and are £180m in debt then that means that in the year ended 30th June 2018 we would have been £150m in debt and we were not

 

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View kenners46's Profile kenners46 Flag sydenham village 08 Feb 20 7.39am Send a Private Message to kenners46 Add kenners46 as a friend

We need to get Bournemouth's accountant he will show a profit in no time

 

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View southnorwoodhill's Profile southnorwoodhill Flag 08 Feb 20 7.48am Send a Private Message to southnorwoodhill Add southnorwoodhill as a friend

The key word is it the title of the thread - "rumour". Until the accounts are officially released there's nothing to look at round here.

 

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