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Page last updated at 16:25 GMT, Friday, 23 July 2010 17:25 UK

Crystal Palace set to exit administration

Crystal Palace

Crystal Palace are on the verge of coming out of administration.

The deadline to appeal against Palace's Company Voluntary Agreement passed at 1600 BST with none of the club's creditors making an objection.

That means Steve Parish's CPFC 2010 consortium can apply for a transfer of Palace's Football League share and take full control of the club.

"This is now the beginning of the end of the rescue of Crystal Palace," said administrator Brendan Guilfoyle.

"I would like to say a special thank you to Steve Parish.

606: DEBATE
Cealy

"Without his determination and tenacity it would not have been possible to resolve the many difficulties that arose during such complex and lengthy negotiations."

Palace entered into administration in January and were automatically docked 10 points, with the club's place in the Championship only being secured on the last day of the season with a 2-2 draw at Sheffield Wednesday.

Palace were one of a number of clubs that went into administration last season, most notably Portsmouth - the first Premier League club to suffer that fate.

A number of English teams are in financial difficulties as Her Majesty's Revenue and Customs adopts a tougher stance on unpaid tax bills, with Sheffield Wednesday becoming the latest club to be served with a winding-up order by HMRC on Friday.



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see also
Consortium sign Palace agreement
07 Jun 10 |  Crystal Palace
Palace are saved from extinction
01 Jun 10 |  Crystal Palace
Palace to make 29 staff redundant
28 May 10 |  Crystal Palace
Sheff Wed 2-2 Crystal Palace
02 May 10 |  Championship
Palace takeover moves step closer
30 Mar 10 |  Crystal Palace
Crystal Palace in administration
27 Jan 10 |  Crystal Palace
Wednesday handed winding up order
23 Jul 10 |  Sheff Wed


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