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Page last updated at 18:21 GMT, Monday, 7 June 2010 19:21 UK

Consortium sign Crystal Palace deal with administrator

Crystal Palace

The deal which should secure Crystal Palace's future has been legally agreed and signed by the club's administrator and the new owners, CPFC 2010.

Palace were saved from liquidation last week when the consortium agreed in principle to buy the Championship outfit and their Selhurst Park ground.

"Each football club has a share in the Football League," said the club's administrator Brendan Guilfoyle.

"And in essence we have agreed to transfer that share to the new owners."

It is hoped completion of the deal will happen by the end of July once the Football League's insolvency policy has been fully complied with and their due diligence completed.

Guilfoyle had given the Eagles until 1500 BST on Tuesday, 1 June to reach an agreement with Lloyds Bank or he would start to liquidate the club, but a deal was struck at the 11th hour with CPFC 2010, a consortium headed by Palace fans Steve Parish and Martin Long.

All the parties in this deal have recognised they will be paid back more if they can find a rescue deal that works

Administrator Brendan Guilfoyle

"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 added.

Palace avoided relegation from the Championship on the final day of the season with a 2-2 draw at Sheffield Wednesday that condemned the Owls to League One.

The club was docked 10 points for going into administration in January before then manager Neil Warnock left to join QPR and star striker Victor Moses was sold to Wigan.

Guilfoyle's main job on taking over at the ailing club was to secure funding for the costs of the administration to run the club while at the same time looking for buyers to agree a sale.

Agilo agreed to fund the running costs with a cash injection of £1m, despite already being owed £4.5m by the club, while Guilfoyle also admitted he had reduced his own fees to boost the deal.

"All the parties in this deal have recognised they will be paid back more if they can find a rescue deal that works, rather than shutting down the club forever. We and our lawyers have played our own part by reducing our fees to enable the deal to go through."

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