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Page last updated at 08:21 GMT, Friday, 20 August 2010 09:21 UK

Crystal Palace come out of administration

Crystal Palace

Crystal Palace have confirmed they are out of administration.

The south London outfit entered into administration in January and narrowly avoided relegation to League One after being docked 10 points as punishment.

But a statement on the club's website has revealed the Football League has now accepted the club's new owners - Steve Parish's CPFC 2010 consortium.

The news not only marks an end to the rescue process but also results in the lifting of the club's transfer embargo.

"It is a relief to get to the end of what has been a long and complex procedure," said administrator Brendan Guilfoyle.

"For everyone at the club and, of course, the fans, this is the future."

Signs that all was not financially well at Selhurst Park first appeared in the summer of 2009 when the club were placed under a transfer embargo for not meeting a transfer payment.

Two months later, players' wage payments were delayed due to the cashflow problems of former chairman and owner Simon Jordan.

606: DEBATE
irishbluebird

Jordan, who had saved the club from administration when he took over in 2000, had announced his intention to sell the club in 2008.

But when a sale failed to materialise, and with debts at around £30m, Sheffield firm P&A Partnership were appointed as administrators in late January 2010.

The resulting 10-point penalty deduction meant the club dropped from ninth place in the Championship to two spots above the drop zone.

But despite a painful administration process, during which highly-rated teenage striker Victor Moses was sold to Wigan, manager Neil Warnock left to join Queens Park Rangers, and 29 staff were made redundant, Palace - under new boss Paul Hart - stayed up thanks to last-day draw at Sheffield Wednesday.

In June, an agreement was reached for CPFC 2010, headed by fans Parish and Martin Long, to buy the club and its Croydon ground.

The deadline to appeal against Palace's Company Voluntary Agreement passed on 23 July with no creditors lodging an objecting.

And with Crystal Palace FC (2000) Limited now being replaced in the Football League by CPFC 2010, the end of a highly precarious and fraught time for the 105-year-old club has officially arrived.

Parish said: "We would like to thank Brendan and P&A for their expertise, diligence and hard work.

"The fact that Crystal Palace lives to fight another day is in no short measure due to their efforts."

Under new manager George Burley, Palace have begun this season's league campaign with a win and a loss, and on Friday signed legendary Dutch midfielder Edgar Davids on a pay-as-you-play deal.



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see also
Palace set to exit administration
23 Jul 10 |  Crystal Palace
Consortium sign Palace agreement
07 Jun 10 |  Crystal Palace
Palace are saved from extinction
01 Jun 10 |  Crystal Palace
Palace takeover moves step closer
30 Mar 10 |  Crystal Palace
Crystal Palace in administration
27 Jan 10 |  Crystal Palace


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