World NewsPalace Administrator Seeks Rent Deal |
THE administrator charged with a finding a buyer for Crystal Palace is aiming to renegotiate the club's tenancy of Selhurst Park in order to make the Championship club a more attractive proposition.
Brendan Guilfoyle of the P&A Partnership has been running Palace's affairs for the last 10 days after owner Simon Jordan called in the administrators.The Eagles are currently paying £1.2million a year rent to a subsidiary of Rock Investment Holdings Limited, but, after they also went into administration, Guilfoyle is hopeful of securing a lower rate.
"I have identified an issue that might affect purchasers of Crystal Palace Football Club," he said. "It is the rent on the stadium of £1.2million a year.
"Historically the club paid approximately £350,000 a year, but in April 2008 the rent was increased to £1.2million a year. The landlord, a subsidiary of Rock Investment Holdings Limited, went into administration in June 2009.
"I now am in touch with the landlord's administrators and am optimistic that I will be able to agree a short-term rent concession and long-term a more realistic rent or a sensible price for the freehold."
Copyright (c) 2009 Press Association
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