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Palace's Selhurst home will not be sold quick

Selhurst Park will NOT be involved in a quickfire sale to ease the money worries of cash-strapped firm Rock Investments, who own the stadium.

It emerged on Wednesday that Rock has joined the growing list of business to be hit by the credit crunch after going into administration, leaving many question marks over the future of Palace`s home.

PricewaterhouseCoopers (PWC), the appointed administrators, could in theory look to sell the freehold in a bid to ease ailing Rock`s short-term money worries.

But speaking to the Croydon Advertiser moments after Rock`s administration was confirmed, Barry Gilbertson, real estate partner of PWC, said "We are only just starting the process so nothing concrete will be decided any time soon', said Gilbertson.

"At the moment we just don`t know if we will look to sell Selhurst Park.

'The administrators role is to return as much money as possible but that doesn`t mean to say all the assets will be sold in five minutes.

'It`s still early days, Rock are in 500million worth of debt so it`s a lot to get to grips with."




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The Journalist

Writer: Pete Dunbar Mail feedback, articles or suggestions

Date:Sunday June 7 2009

Time: 8:42AM

 

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