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February 26 2020 10.49pm

Palace in massive debt - rumour

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View General's Profile General Flag 08 Feb 20 9.51pm Send a Private Message to General Add General as a friend

Letís be honest if a company (canít call Palace a club in this conversation unfortunately) is willing to keep paying someone like Benteke such wages for such performances JUST because it is a large figure Ďassetí on a balance sheet, the company clearly is not exactly running brilliantly...

But itís a necessary evil as everyone else does it so we just following the crowd

Blah blah blah rich people do not give a tosh about something they have no emotional connection too .. and even then their money brain will normally take over as they have serious expenses to keep covering

Mark Goldberg situation is what all rich people fear

 

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View JohnB's Profile JohnB Flag 09 Feb 20 10.22am Send a Private Message to JohnB Add JohnB as a friend

I don't believe the £180m but given the way that accounts are presented, with outgoing transfer fees amortised over the period of the initial contract and incoming transfer fees recognised in full, the amount we are in debt and what the accounts show will never be truly accurate.

If we bought player X for £30m and £100k a week wages on a 5 year deal, that would be shown on the accounts as £11,200,000 going out per year.

AWB sold for £45m is shown as £45m in full on the year the transfer is made.

So whilst selling Bolasie and AWB would appear to balance the books, ultimately, we will have outspent our income.

 

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View Midlands Eagle's Profile Midlands Eagle Flag 09 Feb 20 10.26am Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by JohnB

I don't believe the £180m but given the way that accounts are presented, with outgoing transfer fees amortised over the period of the initial contract and incoming transfer fees recognised in full, the amount we are in debt and what the accounts show will never be truly accurate.

If we bought player X for £30m and £100k a week wages on a 5 year deal, that would be shown on the accounts as £11,200,000 going out per year.

AWB sold for £45m is shown as £45m in full on the year the transfer is made.

So whilst selling Bolasie and AWB would appear to balance the books, ultimately, we will have outspent our income.

You are confusing income with assets and liabilities.

 

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View wizlon's Profile wizlon Flag Amsterdam For now... 09 Feb 20 10.33am Send a Private Message to wizlon Add wizlon as a friend

Didn't happen.

 


HOMO SAPIENS NON URINAT IN VENTUM

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View cpfc1976's Profile cpfc1976 Flag Reading 09 Feb 20 11.45am Send a Private Message to cpfc1976 Add cpfc1976 as a friend

The opening posters comments mean nothing without defining 'debt'. Are his accountant 'contacts' saying the balance sheet is overdrawn by £180M or are they saying total liabilities are £180M. The two are very, very different.

If it's the latter, and total balance sheet assets exceed £180M, which one would expect they would, the the club is still solvent. Whether it can pay its creditors as they fall due (depends on whether current assets exceed current liabilities) is different once again. I would expect that they can.

Also, 'debt' is subjective. It could be that much of that debt is to the Directors'. If a significant proportion of the debt is to Harris and Blitzer (either directly or owed to other companies they control) then it's highly unlikely they would call that debt in if the club can't afford to pay it i.e they need to keep the club as a going concern in order to sell and get their money back.

I don't doubt we have financial issues, probably owing to a reluctance to spend from investors that want out. But I am not worried by this bit of 'news'. I would also expect, at this point, that there will be further changes to the accounts prior to signing them off so I doubt anybody has the final figures just yet, regardless.

The investors have deep pockets, they wouldn't let Palace go to the wall and risk getting nothing back. They will keep it going at some level, if only to sell it. Quite what it would be worth if Palace go down though is anybody's guess, so it's a high risk strategy to trust that we will scrape by each year as well as being pretty miserable for us fans.

Edited by cpfc1976 (09 Feb 2020 11.58am)

 

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View PalazioVecchio's Profile PalazioVecchio Flag south pole 09 Feb 20 2.38pm Send a Private Message to PalazioVecchio Add PalazioVecchio as a friend

money problems ?

oh no. Not again.

 


from the Etihad, Emirates, Molyneux, London Stadium, turf moor & Anfield to Old Trafford.....Raptors on the Road

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View Ginger Pubic Wig's Profile Ginger Pubic Wig Flag Wickham de L'Ouest 10 Feb 20 6.57am Send a Private Message to Ginger Pubic Wig Add Ginger Pubic Wig as a friend

I think we've slightly improved our finances and will freshen up the team this summer. Hope Pierrick gets more minutes too, but for that we need to be more comfortable. This rumour is nonsense or, at best, highly misleading.

 

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View Vespa GS cpfc 007's Profile Vespa GS cpfc 007 Flag Back in Black 10 Feb 20 9.07am Send a Private Message to Vespa GS cpfc 007 Add Vespa GS cpfc 007 as a friend

Sorry to make things worse but..they also owe me 25 quid

 


I don't need to sell my soul...he's already in me.


Crystal Palace Supporters Club Adelaide Regiment

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View robforbe's Profile robforbe Flag cornwall 10 Feb 20 9.27am Send a Private Message to robforbe Add robforbe as a friend

A bit like the transfer window, the accounts will be submitted after the deadline of 31st of march.

That's standard practice from palace.

They will scramble about till the last minute trying to make it fit/ hoping a miracle comes along.

Creative accounting will be used.

 

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