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.
Latest in Sport
Karim Benzema to Arsenal: Real Madrid striker fuels speculation he will join Gunners with cryptic Instagram post
Memphis Depay scores amazing overhead kick from Wayne Rooney cross during Manchester United pre-season training
David De Gea to Real Madrid: Spanish club resume £28m pursuit after fending Manchester United off Sergio Ramos
Karim Benzema to Arsenal: Transfer news live - Angel Di Maria to leave Manchester United, Emmanuel Adebayor to Aston Villa
Manchester United forward Memphis Depay is not the strongest player in the squad as Luke Shaw and Ashely Young hail Tyler Blackett
- 1 Australia to impose 24-hour curfew on all cats to protect endangered species
- 2 The difference between a psychopath and a sociopath
- 4 Walter Palmer: Cecil the lion killer revealed to be American dentist
- 5 What TripAdvisor users think of 16 of the world's most popular landmarks
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Labour leadership contender Jeremy Corbyn says 'we can learn a great deal from Karl Marx'
I am the Jeremy Corbyn supporter that many will tell you doesn't exist
Public anger after French sunbather beaten up by gang for wearing a bikini in Reims park
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
Labour leadership contest: I would never quit the party, says Liz Kendall