Crystal Palace to benefit from Tottenham Hotspur owner’s troubles
The collapse of Rock Investments, the property firm owned by Tottenham Hotspur owner Joe Lewis, could represent a financial boost for Spurs' fellow Londoners, Crystal Palace.
'Three years ago the company, under the stewardship of the ex-Spurs director Paul Kemsley, bought the freehold of Selhurst Park,' reports The Guardian newspaper. 'But Rock's holding company went into administration in August and is in the hands of the liquidator, PriceWaterhouseCoopers. It is marketing Rock properties for the chief creditor, Lloyds Bank, which had made a £130m loan to Rock Investments.'
Simon Jordan, Crystal Palace's owner, has now spotted the chance to save money, reports the newspaper. 'He is now attempting to reduce the rent his club pays,' it reports, quoting Jordan as saying: "Selhurst Park has dramatically dropped in price. 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."
However, The Guardian warns: '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.'blog comments powered by Disqus
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