Sunday, January 21, 2007

Selhurst Park touted as a nice site for housing

Palace's Selhurst Park ground could end up being sold for housing under plans hatched by Simon Jordan. Three months after buying the ground from Ron Noades, the Orange One is trying to refinance it for £15m. A document prepared for circulation among would-be financiers by accountants Deloitte says that the ground is valued at £32.8m if it were to be sold for residential purposes.

The plan is to acquire Selhurst Park for a holding company owned by Jordan's Aspiration [sic] Holdings Group and then lease it back to the Glaziers for an annual rent initially fixed at £1m. The source of repayment is stated to be 'refinancing or sale of the property.' The lease is also breakable if the club find alternative premises. That could involve Palace selling their ground for development and either finding a new stadium (perhaps they could try the Croydon Arena) or ground sharing (who would have them?) Fans who were enticed by a five and ten year season ticket offer are now scratching their heads.

In the funding document, Selhurst Park is described as being set in ten acres of a residential area in south-east [sic] London. Deloitte state, 'If circumstances are such that the stadium is no longer used as a football ground, the likely alternative use of the site is residential. The approximate value of the site, assuming planning permission, is £20.6m - £32.8m.'

Jordan has admitted that the money he used for his purchase of Selhurst Park 'was more expensive than I want it to be.' Which sounds like another way of saying he needs to raise some money sharpish.


Post a Comment

<< Home