Weather
CRYSTAL PALACE: Administration fears over future of Selhurst Park (From News Shopper)
Get involved: Send pictures, video, news and views - text NEWS SHOPPER to 80360 or email us
Register now to post your
comments. It’s free, quick and easy.- Sign up for News Shopper's free email bulletins and text alerts.
- Email photos and videos or text keyword NEWS SHOPPER with your message/photo/video to 80360.
CRYSTAL PALACE: Administration fears over future of Selhurst Park
10:24am Tuesday 9th June 2009
The future of Selhurst Park, home of Crystal Palace FC, has been thrown into doubt after it emerged the company that owns the ground has gone into administration.
Administrators PricewaterhouseCoopers (PWC) were called in at the end of last month after Rock Investments suffered bad losses in the current economic climate, and it is currently looking at ways to improve its strategy to ensure survival.
Rock Investments was founded by property tycoon Paul Kemsley, who Palace chairman Simon Jordan used to help broker a deal with former Eagles owner Ron Noades for the ground in 2006.
While Kemsley is no longer involved with the company, it still holds the freehold to the ground, despite claims from Jordan, who is currently looking to sell the club, in the past that he was close to securing a deal to take it off their hands.
But PWC partner Peter Spratt has moved to quash any fear that the company's assets, which include the Burberry headquarters in London, will be sold.
He said: "Our immediate priority will be to review the existing strategic approach, explore all options for the company and to develop an effective long-term strategy for the business.
"During this process, we will work with the company’s stakeholders and employees and would like to reassure the existing tenants of the properties that this process will have no impact on them."
PWC's real estate partner, Barry Gilbertson, was also upbeat on the chances of Rock being able to hold on to Selhurst Park.
He said: "Rock has a strong track record of buying, improving and trading properties.
"As administrators, our role will be to manage the individual assets in this portfolio in a difficult market, protecting and enhancing value in anticipation of market recovery."
Neither Jordan nor Palace's Chief Executive Phil Alexander, currently in Portugal for the Football League's AGM, were available for comment.
More News stories
- GREENWICH: Conservative councillor claims she was 'airbrushed' out of Greenwich Time
- HAVE YOUR SAY: Ways to deal with pavement hogs and cyclists
- DARTFORD: Police appeal after three-car crash
- COBHAM: Cornfield fire started by Ford Fiesta
- CHARLTON: Vuvuzelas banned next season
- LOCKSBOTTOM: Fake champagne seized from trader
- GRAVESHAM: Multi-million pound cycling park promoted at festival
- GREENHITHE: Police appeal for information on burglary at Bluewater
- ORPINGTON: Queen in town to see high street improvements
- CRIME: Met launches youth website
The company which owns Selhurst Park has gone into administration
When news happens – email newsdesk, call 01689 885703 or text keyword NEWS SHOPPER along with your news, pictures and videos to 80360.
Local Advertisers
Local Information
Enter your postcode, town or place name
TopBanana, Penge SE20 says...
8:54pm Tue 9 Jun 09
I am in the process of setting up office in Penge in an empty building that has been lying dormant for the last 3 years, to launch my Global Enterprise.
Anybody wants to know anything about anything I've written can find me in Penge, my tempory office is at 154 Maple Cafe, Maple Road, 'The Market Cafe'. Where I will be assisting in the long awaited return of the Maple Road'Market'.