PA Sport - Tue, 09 Feb 14:29:00 2010
Administrators in charge of cash-strapped Crystal Palace have taken out an advertisement in the Financial Times in a bid to find a buyer for the club.
Palace were placed into administration last month with reported debts of £30 million.
The P&A Partnership were appointed to run the club and, despite administrator Brendan Guilfoyle's claim that he was "confident" a buyer could be found, they have been forced to place the advert.
Buyers are offered the chance to own "a long established South London club" who are "currently enjoying success in the FA Cup."
Owner Simon Jordan has been trying to sell the club since July 2008 and taking out an advert in a national newspaper could be seen as an act of desperation.
Among the key selling points are the 26,300 capacity Selhurst Park with a 25 year lease and the club's training ground and academy in Beckenham, Kent.
The Eagles, who were forced to sell striker Victor Moses to Wigan Athletic for a cut price £2.5m, were deducted 10 points by the Football League but have won their last three games and face Aston Villa in the fifth round of the FA Cup on Sunday.
Neil Warnock's side are currently 16th in the Championship, four points clear of the bottom three and nine adrift of the play-offs, and host Swansea at Selhurst Park on Tuesday night.
The full advertisement:
On instructions of the Joint Administrators, B Guilfoyle, C White and J Russell:
FOOTBALL CLUB FOR SALE
Crystal Palace F.C. (2000) Limited
The sale of the football club and its associated assets presents an opportunity to acquire a long established South London club (founded in 1905) currently playing in the Championship division of the Football League and currently enjoying success in the FA Cup (next match against Aston Villa in the fifth round).
The Club offers many benefits for an investor with a key asset being the well established and highly reputable academy. Prinicipal points of this opportunity are:
- Established and well known brand;
- 26,300 capacity stadium at Selhurst Park held by way of a 25 year lease from April 2008;
- Stadium FREEHOLD available;
- Training ground and academy, in Beckenham, Kent, with 4 full size pitches, junior size pitches, state of the art gymnasium and physiotherapy facilities, held by way of a 15 year lease from August 2003
- In addition to 26 players on professional contracts, there are 16 junior players held on scholarships;
- Revenue streams including commercial sponsorship, Football League payments and television rights, in addition to ticket sales and stadium sub-leases;
- Further revenue streams from player contracts sell-on clauses;
- Projected revenue for season ending May 2010 - £13.8million.
An information memorandum is in the course of production and should be available during the week commencing 8 February 2010, which will comprise a synopsis of the salient points of the opportunity and will be available to interested parties following the signing of a confidentiality agreement.
Confidentiality agreements can be obtained from the Joint Administrators c/o The P&A Partnership, 93 Queen Street, Sheffield, S1 1WF TEL: 01142 755033.