Eleventh-hour deal saves Palace 02/06/2010 |
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The consortium looking to take over Crystal Palace has agreed a deal in principal to buy the club and its Selhurst Park ground.
The administrator in charge of the Championship club, which has debts of £30m, gave CPFC 2010 until 3pm on Tuesday (June 1) to reach an agreement with Lloyds Bank before a liquidation process was due to begin.
Hundreds of Palace fans who had gathered outside the bank's headquarters to demonstrate feared the worst when the deadline passed, but negotiations continued and a deal has now been struck to save the 105-year-old club from going out of business.
A statement from Lloyds Bank read: "[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 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."
The takeover stalled on Monday (May 31) over a clause in the contract which would see the bank receive further money if the ground was sold on in the future.
But CPFC 2010 is confident the takeover can proceed now its differences with Bank of Scotland, a subsidiary of Lloyds which is selling Selhurst Park, have been resolved.
A statement from the consortium read: "We can now confirm that there are no material differences between ourselves and Bank of Scotland regarding the sale of Selhurst Park.
"While it is not 100 per cent done, we are confident that all the main barriers have been removed."
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