Crystal Palace on verge of takeover
Monday 07 June 2010
The deal which should secure Crystal Palace's future was signed today and the club's administrator hopes for a conclusion by the end of July.
Palace were saved from liquidation last week when the consortium aiming to purchase the club, CPFC 2010, agreed in principle to buy the Championship outfit and the Selhurst Park ground.
Administrator Brendan Guilfoyle has now confirmed that "legally binding agreements have been signed which should save the football club".
Guilfoyle, who has handled Palace's affairs since they went into administration in January, added: "Football insolvency is highly complex.
"Each football club has a share in the Football League and in essence we have agreed to transfer that share to the new owners, Crystal Palace Football Club 2010.
"Achieving this sale has been a balancing act between four parties - the stadium administrator, the secured creditor Agilo, other creditors and the Football League who need to be satisfied that the deal meets their requirements."
Guilfoyle, who has reduced his own fees to boost the deal, added that he hopes the deal will be completed by the start of the new season.
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