Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Venables loses his pounds 650,000 mansion

John Davison
Tuesday 15 June 1999 18:02 EDT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

THE pounds 650,000 house given to Terry Venables during his ill-fated time as manager of Crystal Palace football club has had its locks changed and is for sale, because administrators for the club, which is facing financial ruin, want to recoup losses.

Mr Venables was given use of the luxury property in Oxted, Surrey, as part of the lucrative deal with Palace that supporters blame for contributing to the club's plight. Mr Venables joined the club last June on what was called the world's most valuable club management contract when details of it emerged earlier this year.

Mr Venables was also paid a pounds 750,000 tax-free salary, with a pounds 500,000 interest-free loan and a luxury Mercedes. He was also paid a pounds 20,000 relocation fee, and a one-off fee of pounds 135,000 for negotiations with the club chairman, Mark Goldberg.

It is understood that while he did not own the house - not his main home - he was to have retained the equity value in it.

Simon Paterson, of Moore Stephens, Palace's administrators, said: "Venables had occupation of a substantial house in the Oxted area. When the administrators were appointed at the end of March, we took steps to secure the same by changing the locks.

"It is presently on the market and if anyone wishes to buy it I would love to hear from them." Moore Stephens were called in when debts at the club topped pounds 20m.

Mr Venables is flying to Spain today where he is developing a holiday complex.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in