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Palace in massive debt - rumour
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 Galv  Wallington 07 Feb 20 7.18pm |
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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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cryrst  The garden of England 07 Feb 20 7.21pm |
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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
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ASCPFC  Pro-Cathedral/caravan park 07 Feb 20 7.23pm |
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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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| Midlands Eagle 07 Feb 20 7.24pm |
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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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| thechaddyboy Peterborough 07 Feb 20 7.57pm |
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So much for client confidentiality then
Red & Blue since 73' |
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| Bekken 07 Feb 20 8.41pm |
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Indeed
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| ASCPFC Pro-Cathedral/caravan park 07 Feb 20 8.46pm |
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All we need to do is find El Tel's secret stash under the main stand. Problem solved.
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| braunstoneagle the middle of bumf*** nowhere... 07 Feb 20 9.56pm |
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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 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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| orpingtoneagle Orpington 07 Feb 20 10.53pm |
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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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| Midlands Eagle 08 Feb 20 7.29am |
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Originally posted by orpingtoneagle
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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| kenners46 sydenham village 08 Feb 20 7.39am |
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We need to get Bournemouth's accountant he will show a profit in no time
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| southnorwoodhill 08 Feb 20 7.48am |
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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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