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Palace fans breathe sigh of relief

Crystal Palace supporters received the good news they had been hoping for after a dramatic day which saw the club saved from liquidation.

Hundreds of fans gathered outside the headquarters of Lloyds Bank as CPFC 10, the consortium trying to save the Championship side, attempted to strike a deal to buy Selhurst Park and Crystal Palace Football Club on Tuesday.

The Club’s administrator Brendan Guilfoyle gave them until 3pm on Tuesday to reach an agreement with Lloyds Bank or he would start to liquidate the club. In an added twist Guilfoyle revealed he had already received bids from other clubs to buy Palace players despite CPFC 2010 indicating its offer would be withdrawn if players were sold.   

The Bank of Scotland, part of the Lloyds Group, had agreed to sell the ground to the consortium but wanted a share of any profit made should the ground be resold. The consortium agreed to this but wanted a cap on the amount. However at the eleventh hour the two parties were able to strike an agreement.

In a statement confirming an agreement had been reached Lloyds said: "(Stadium administrator) Pricewa­ter­ho­use­Co­opers 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 and Selhurst Park."

This is just the latest twist in what has been a turbulent year for Crystal Palace. The side struggled to recover after being docked ten points in January for entering administration. They only narrowly avoided relegation from the Championship after a 2-2 draw with Sheffield Wednesday on the last day of the season.

Although the announcement is a positive development for Crystal Palace they still have a difficult time ahead. The Club has been unable to pay staff wages for May and was forced to make 29 redundancies in Friday.

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