Crystal Palace up for sale

Palace Chairman Simon Jordan is trying to refinance English Crystal Palace's Selhurst Park just three months after buying it from former owner Ron Noades.

Accountants at Deloitte have an appraisal that states the stadium grounds are worth GBP 32.8 million if it were to be sold for residential use.

Jordan's Aspiration Holdings Group would buy Selhurst Park and then lease it back to Crystal Palace starting at GBP 1 million per year. The lease could be broken if the club finds another place.

This does raise the possibility of Palace selling its ground for development and either moving to a new ground or ground sharing.

The funding document states that Selhurst Park is set on ten acres of a residential area.

"If circumstances are such that the stadium is no longer used as a football ground, the likely alternative use of the site is residential," said Deloitte.

Jordan acknowledged in an interview that the money he used to buy the ground "was more expensive than I want it to be," which implied that he would like to get rid of it soon.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.