Crystal Palace to come out of administration

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The Independent Online

Crystal Palace are finally poised to come out of administration after the deadline to appeal against their Company Voluntary Agreement passed.

The Eagles were placed in administration back in January and only avoided going bust last month when Steve Parish's CPFC 2010 consortium agreed a rescue package.

Her Majesty's Revenue and Customs, who appealed against Portsmouth's CVA last week and have also issued Sheffield Wednesday with a winding-up order, did not launch a protest by today's 4pm deadline.

The news means CPFC 2010 can now formally apply for a transfer of Palace's Football League share and take full control of the club, while the transfer embargo will be lifted enabling them to register their new signings.

Administrator Brendan Guilfoyle said: "This is now the beginning of the end of the rescue of Crystal Palace FC.

"I am delighted and would like to express my sincere gratitude for the support and patience of the staff and fans and indeed everyone involved at Crystal Palace.

"I would like to say a special thank you to Steve Parish. Without his determination and tenacity it would not have been possible to resolve the many difficulties that arose during such complex and lengthy negotiations."

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