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."
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