Tottenham owner problems could benefit Crystal Palace

Joe Lewis, owner of English Tottenham Hotspur Football Club, is dealing with problems related to the failure of his property firm, Rock Investments. This collapse could mean financial gain for Crystal Palace.

Rock Investments has been placed under administration in August, and is now under the control of PriceWaterhouseCoopers (PWC). Lewis’ company owes Lloyds Bank GBP 130 million.

Crystal Palace owner Simon Jordan is now in talks with the administrators to renegotiate his club’s rent.

"Selhurst Park has dramatically dropped in price," Jordan told The Guardian. "I have sat down with the administrators and everyone is acting in the interests of maintaining the freehold value and that means keeping the tenant: Crystal Palace. I want to talk about the lease and renegotiate it."

According to Jordan, ‘Selhurst Park has dramatically dropped in price.’
 
According to The Guardian Palace's difficulty is that Jordan persuaded Kemsley and Rock to purchase the freehold in order to keep it from another property speculator, David Pearl, who owns Bournemouth's Fitness First Stadium. If PWC decides to sell Rock's assets one by one, the likes of Pearl could return, leading to an uncertain future for Palace.'