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 EddieMac  22 Feb 21 7.54am |
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Be careful what you wish for says Roy:
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| TheBigToePunt 22 Feb 21 8.06am |
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Originally posted by Midlands Eagle
As Steve Parish wryly puts it "it's all smoke and mirrors" The ownership is hidden and the loan situation is hidden so no-one really knows what goes on Yeah bits of it are slightly odd, but the headlines seem clear. Parish and the two Americans are the main owners, Parish runs the club and gets a salary whilst the Americans don't. Without the AWB sale Palace would have run up against FFP regulations as our debt level was too great, and though there is no external debt now, the owners have lent the club a lot of money, including to cover covid losses. A further point is that we seem to have carried a lot of amortisation, paying for the big signings like Sakho and benteke in chunks for all the time they've been here. That's all ending now, and between that and the wages being saved (presuming at least one of them will leave this summer along with Wickham and the already departed Meyer) and we seem to be at the end of a large financial/ FFP cycle. Whether that means we can commence a new one of similar size or not is less obvious.
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jeeagles  22 Feb 21 8.07am |
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Talking down the fans expectations on the eve of a Derby. Typical Woy. He can f*** off. What other manager would come out and say they don't care either way about keeping their £4.5m/year job.
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| Midlands Eagle 22 Feb 21 8.30am |
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Originally posted by jeeagles
Talking down the fans expectations on the eve of a Derby. Typical Woy. He can f*** off. What other manager would come out and say they don't care either way about keeping their £4.5m/year job. That isn't really what he said. Reading between the lines he was saying that he doubted whether anyone else could do much better considering the injury crisis and the relative ack of investment in the team
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| PatrickA London 22 Feb 21 8.32am |
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I wonder if Roy has been reading this thread!
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| Eaglecoops CR3 22 Feb 21 8.39am |
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Originally posted by TheBigToePunt
Yeah bits of it are slightly odd, but the headlines seem clear. Parish and the two Americans are the main owners, Parish runs the club and gets a salary whilst the Americans don't. Without the AWB sale Palace would have run up against FFP regulations as our debt level was too great, and though there is no external debt now, the owners have lent the club a lot of money, including to cover covid losses. A further point is that we seem to have carried a lot of amortisation, paying for the big signings like Sakho and benteke in chunks for all the time they've been here. That's all ending now, and between that and the wages being saved (presuming at least one of them will leave this summer along with Wickham and the already departed Meyer) and we seem to be at the end of a large financial/ FFP cycle. Whether that means we can commence a new one of similar size or not is less obvious. Where is this information from. Is it in the accounts?
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| Eaglecoops CR3 22 Feb 21 8.53am |
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Originally posted by TheBigToePunt
The only director salary shown in the accounts is for Parish. The Americans don't seem to take a salary. Parish is well paid, earning between £1.5m and £2.9m each season, though an interesting note in the accounts says that anything he gets paid above his base salary goes to the academy. Not sure what his base salary is, or why he's giving what must be very large chucks of his own money to the academy, but apparently he is. He stuck his own money in to buy the club 11 years ago, and so would have made money selling shares to the Americans of course, but it seems he might have given as much or more to the academy somehow, though the figures are not clear. Not sure why he doesn't just pay himself less and give the money to the academy directly. The world wide web reckons that.. Overall ownership is Steve Parish 18%, Steve Browett 5%, Jeremy Hosking 5% and Martin Long 2.5% with the remainder being owned by Palace Holdco LP (a limited partnership registered in Delaware) 67.5% and Palace Parallel LLC (a company also registered in Delaware) 1.5%. Both Palace Holdco and Palace Parallel have 180 preference shares each. As the Delaware companies do not have to reveal their owners the exact ownership of the club is therefore unknown but Steve Parish confirmed that each of Harris and Blitzer had an 18% share to match his own. Palace borrowed a f*** load of money to try and pay going rates for players over the second half of our stay in the Premier league so far. Palace’s debts were listed as £37 million due to an external lender and £45 million to the owners, which I presume is the Americans, but might include Parish. The AWB money saved us from some sort of FFP bollocking as it allowed us to clear the external debt and finally record a minor profit, though we've borrowed more money since then to cover the covid shortfall. That loan is from the owners, so again could be the yanks or the yanks and Parish. Overall it seems that the Americans have helped us out as far as FFP allows and aren't taking anything back yet, though some of the details are unknown. This is confusing. If the ownership is Parish 18% Total 67.5% Then that leaves 32.5% which is owned by who? Edited by Eaglecoops (22 Feb 2021 9.12am)
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| southnorwoodhill 22 Feb 21 9.01am |
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Originally posted by Eaglecoops
This is confusing. If the ownership is Parish 18% Total 67.5% Then that leaves 32.5%, which is owned by who? You've misread the figures. 67.5% is the Palace Holdco
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| Eaglecoops CR3 22 Feb 21 9.16am |
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Originally posted by southnorwoodhill
You've misread the figures. 67.5% is the Palace Holdco It still doesn’t answer why those percentages don’t add up to 100%. If we are talking overall ownership of the club, who owns what then? Edited by Eaglecoops (22 Feb 2021 9.18am)
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| Midlands Eagle 22 Feb 21 9.25am |
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Originally posted by Eaglecoops
The only accurate answer that we can give is f*** knows
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| Midlands Eagle 22 Feb 21 9.25am |
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Originally posted by Eaglecoops
Yes but the accounts reflect the club's financial position as at 30th June 2019 so now quite historic
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| Eaglecoops CR3 22 Feb 21 9.31am |
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Originally posted by Midlands Eagle
Yes but the accounts reflect the club's financial position as at 30th June 2019 so now quite historic Thanks. So any loans required for covid would not even show yet I presume?
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