VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Crystal Palace saved from extinction

Thu 3rd Jun 2010 | Football Club Administration

Crystal Palace Football Club have been saved from a liquidation process as the consortium CPFC 2010 agreed a deal in principle to takeover the club and buy the Selhurst Park stadium. According to accountancy firm PricewaterhouseCoopers (PWC), the administrator of the stadium, CPFC would pay "an agreed and undisclosed price" for the ground.

Lloyds Banking Group, which owns the stadium via its Bank of Scotland arm, said in a statement that “PWC has reached an agreement in principle with CPFC 2010 in relation to the sale of Selhurst Park. This enables the consortium to go ahead with the purchase of both the Crystal Palace Football Club and Selhurst Park. Lloyds Banking Group has worked hard throughout this process to achieve a durable solution. We are pleased a successful conclusion has now been reached. We are also pleased that PwC, which acts on behalf of Selhurst Park, has publicly acknowledged today the ongoing support it has received from Lloyds Banking Group.”

CPFC consortium, led by the club fans Steve Parish and Martin Long, previously reached agreement with the secured creditors and now they need to try and reach a similar agreement with the unsecured creditors to exit administration.

With reported debts of £30 million, the club avoided relegation from the Championship this season after it had 10 points deducted for going into administration.

"We can now confirm that there are no material differences between ourselves and the Bank of Scotland regarding the sale of Selhurst Park," CPFC 2010 said in a statement on the club's website. "Whilst it is not 100 percent done, we are confident that all the main barriers have been removed."

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Don’t forget to subscribe to F.C. Business Magazine to keep up to date with the latest comment from the football world. Click here to subscribe

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Bolton Wanderers Sell Training Ground To Wigan

Fri 19th Feb 2016 | Football Club Administration

Bolton Wanderers have today confirmed the sale of its Euxton training ground to ‘another North West football club’. The Championship club have debts totalling £172.9m and are...

Northampton Town Application For Administration Withdrawn

Fri 11th Dec 2015 | Football Club Administration

Northampton Town Football Club has confirmed that the application for administration has been officially withdrawn. Legal agreements had been reached this week between the club and Northampton Borough...

HMRC Hands Bolton Wanderers Winding Up Petition

Thu 10th Dec 2015 | Football Club Administration

Bolton Wanderers have been handed a winding up petition by HMRC it’s been confirmed. The club, who are currently bottom of the SkyBet Championship, have debts of over £170m and have failed...

HMRC Withdraw Cobblers Winding Up Petition

Mon 30th Nov 2015 | Football Club Administration

The winding up petition against Northampton Town FC has been withdraw it’s been confirmed. The SkyBet League 2 side has confirmed that the HMRC winding up petition has been officially withdrawn...