i kind of expected sheff wed would win. just adds to a great week.
this is from the south london press and tells us how close we could be to possible liquidation in a few months time...
Quote:
“ CRYSTAL Palace administrator Brendan Guilfoyle has revealed that he will run out of money to finance the club at the end of the season.
And Guilfoyle is urging interested parties to make their move for the South Londoners before Friday’s deadline for bids.
Rap star P Diddy was linked with a takeover swoop last week but it now appears that the American musician is not looking to invest in the Eagles.
Guilfoyle admits he has contingency plans if Palace do not secure a new owner before the end of the campaign. The biggest problem is that an £800,000-a-month staff wage bill will have to be met without any match income.
The Eagles are currently losing £2.2million a year, although that figure does not include rent on Selhurst Park, which is around £1.2m, and other interest payments.
Guilfoyle said: “I’m always looking nervously forward to the close season when the club ceases playing and the wages still need to be found. I don’t have funding for that period and that is why this deadline for the end of March is a real one. I need to have someone around otherwise I will have to start contingency planning.
“I’ve got a plan but I’m not going to discuss it yet because I’m optimistic we’re going to get a bidder.
“People have been hovering around the club for years - since Simon Jordan indicated he wanted out - and I can’t believe they are going to miss out on this opportunity.
“But if we get to April I will have to say what my contingency plans are - I can’t mess around and not let the supporters know. If I go public with that it might flush purchasers out who feel it is the time to intervene.
“Some clubs stay in administration for 18 months but I don’t understand how they do that. The cash burn in June, July and August is millions of pounds.
“There is a feeling that people are hanging back because somehow the price falls, but I don’t think so. There are a lot of components such as Simon Jordan, who is the biggest creditor, and the stadium to be sorted.”
P Diddy - real name Sean Combs - had hit the headlines last week after claims he was going to make an offer. But Guilfoyle seems to have dismissed that notion.
He said: “There seems to be a desire by him to help. David Groves, one of our associate directors, is in the music and film industry and we’ve got some feedback.
“P Diddy would like to help the club out but doesn’t want to put any money in, according to his people in the UK. On that basis I discount him. I conclude he may be somone potential purchasers want to explore but it doesn’t do me any good. I’m looking for someone who is prepared to direct a large amount of money towards the club.”
One option for Guilfoyle if he is still at Selhurst Park in the summer is to sell all of the first-team squad and operate with a team of youngsters.
That could be the kind of drastic action which could force someone to make their move before the squad is decimated.”