Crystal Palace transfer news: Kieran Maguire shares major news as US deal announced
Crystal Palace are not gearing up for a summer spending spree despite taking out a new loan with American lenders MGG Investment Group.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that Palace will need extra cash to deal with “challenges” they are facing at boardroom level.
As revealed by the Daily Mail, Crystal Palace have taken out a loan from US investment group MGG ahead of a “busy summer in the transfer market”.
Palace have recorded losses of £125million over the past three years, leaving them on the brink of Profit and Sustainability Rules.
Maguire believes Palace will use cash from their US loan to help cover operating costs at the club and their £12million-per-month wage bill rather than on new signings.
Palace must sacrifice new US loan to cover wage bill
“Borrowing from MGG is more indicative of the challenges being faced by Crystal Palace,” Maguire told Football Insider’s Sean Fisher.
“They face monthly payroll demands at a time in the season when no money is coming in.
“They will have received the main instalments from the TV deal and they’ve got a wage bill of about £12 million per month to fund.
“So borrowing money isn’t necessarily to create a war chest for the summer.
“It’s more to do with the operational issues and also the conflict that exists at board level.
“It’s fair to say that not everybody is rowing in the same direction.“
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