#PLStories- Crystal Palace chairman Steve Parish admits ‘frustration’ after revealing COVID hit finances #CPFC
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Steve Parish Crystal Palace
Crystal Palace have published their full financial results for the Covid-impacted 2020/21 season. The club’s cash balance was also the lowest since being promoted to the top flight, though this would have been offset during the summer of 2021 thanks to money received from the Premier League and the arrival of a new investor, director and partner in American businessman John Textor. Outlying the club’s accounts,
Steve Parish said: “The 2020/21 season was another campaign enormously impacted by the pandemic, with the significant majority of matches, played behind closed doors – a source of immense frustration for supporters, players and everyone at the club. All that said, we finished 16 points clear of danger, representing yet another season of stability. A season of stability in 2020/21 was absolutely crucial with significant squad transformation planned for the 2021/22 season, with the necessary objective of reducing the average age of the squad and investing for the future. While not referenced in these accounts, the planned significant investment in playing personnel was delivered upon in the summer of 2021, ensuring new manager Patrick Vieira inherited a squad full of international talent and greater depth as a new era for our club began. That investment was made possible largely as we welcomed John Textor as an investor, director and fourth partner, joining Josh Harris, David Blitzer and myself as owners and directors. We had been looking for the right investment from the right investor for a while, and our search led us to John, whose investment helped facilitate the necessary rejuvenation of the squad, bolster the balance sheet and enable us to finalise the Academy.”
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