Coca-Cola Championship club Crystal Palace have today gone into administration.
The Eagles' chairman Simon Jordan has been attempting to attract new investment into the club, who have been late in paying their players twice this season.
But Brendan Guilfoyle, Chris White and John Russell of the P & A Partnership have this afternoon been appointed administrators.
Guilfoyle said: "This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages.
"Our role now is to find a buyer quickly to provide certainty for the employees, players and fans for the future. We are hoping our appointment will be short-lived as we understand there are many interested buyers."
Palace have reported debts of around £30million and are due in court tomorrow to face a winding-up order from HM Revenue and Customs.
The move into administration means they will be deducted 10 points by the Football League.
Despite their financial constraints - boss Neil Warnock has at times this season not been able to name seven substitutes - they were lying two points off the play-offs ahead of tomorrow night's trip to Newcastle.
Warnock will instead have a relegation fight on his hands while the sale of his star players, such as teenage striker Victor Moses, now seems inevitable.
The Football League are yet to receive formal confirmation from either the club or the administrators that Palace have entered administration.
The Football League would need to see official documentation before applying a 10-point penalty, which is effective immediately when any club enters administration.
Former Palace defender and coach Kit Symons believes the club will battle through their financial problems and hopefully emerge stronger.
He told Radio Five Live: "Hopefully the situation is not as serious as it sounds.
"My take is that if they had sold Victor Moses they could have put this off, but sometimes when clubs go into administration they come back stronger and I hope that will be the case for Palace.
"Neil Warnock has done exceptionally well and the one good thing is that even with the 10-point penalty they are still in good form and above the relegation zone.
"So if they don't have to sell players they should stay up - and a Championship club will be much more attractive to buyers than a League One club."Reuse content