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Sleep on Palace takeover, advises Dragons' Den star

PUBLISHED: 15:34 10 February 2010 | UPDATED: 11:02 12 August 2010

Theo & Vas

Theo & Vas

THE millionaire who lifted Millwall out of administration has warned potential investors planning to take over Crystal Palace to be cautious.

THE millionaire who lifted Millwall out of administration has warned potential investors planning to take over Crystal Palace to be cautious.

Dragons' Den star Theo Paphitis spoke about the troubled club as he visited the launch of Hectik Salon in Bromley last Thursday.

Last week, we revealed a Hollywood actor was in talks with a mystery contact about investing in the club. But Mr Paphitis warned: "To quote the late great Brian Clough, 'Before he [the mystery buyer] does it, he should sleep on it. If in the morning when he wakes up, he still wants to do it, he should go back to bed!'"

Mr Paphitis took over Millwall - south London rivals of Crystal Palace - and steered the Lions out of bankruptcy and to promotion to Division One. The club also reached the FA Cup final in Cardiff in 2004, losing 3-0 to Manchester United.

He added: "Simon Jordan is a close personal friend of mine. I feel very sorry for him. It is not very nice to suffer administration."

The businessman took time out from filming a new programme, A Buying Game, to visit the Hectik Salon, in Market Square, last week. He added a touch of glamour to Bromley town centre when he arrived in his famous Maybach 62 limousine, complete with RYM4N number plate.

He was there to support a family friend,Vassos Kesta, who is opening his own business after appearing on Channel Four's reality show The Salon in 2004.

Speaking at the launch of the hairdressers, he told guests: "This is a great, great adventure. There is no better feeling than starting your own business."

Although Mr Paphitis left Millwall in 2006, he still holds a large percentage share in Isthmian league side Walton and Hersham.

l Administrators in charge of the disposal of Crystal Palace advertised the club for sale in the Financial Times on Tuesday.

The club have been docked 10 points by the Football League after being placed in administration last month.

The advertisement, placed by P&A Partnership, highlights key selling points as revenue streams from player contracts (sell-out clauses) and the freehold of the stadium. A training ground and academy in Beckenham, with four full-size pitches, junior size pitches, gymnasium and physiotherapy facilities, is included.

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