Future looks bright for Palace 08/06/2010 |
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Crystal Palace’s future looks safe and secure after administrator Brendan Guilfoyle revealed that "legally binding agreements have been signed which should save the football club".
The Championship side were saved from liquidation last week after a last-minute rescue package by CPFC 2010, which agreed in principle to purchase the club and its Selhurst Park stadium.
Guilfoyle is hoping for the entire saga to be wrapped up by the end of July and is confident that the deal will ensure a bright future for the Eagles.
"Football insolvency is highly complex,” said Guilfoyle, who reduced his own wages to help push the deal through.
"Each football club has a share in the Football League and in essence we have agreed to transfer that share to the new owners, Crystal Palace Football Club 2010.
"Achieving this sale has been a balancing act between four parties - the stadium administrator, the secured creditor Agilo, other creditors and the Football League who need to be satisfied that the deal meets their requirements."
A statement released by Lloyds Banking Group relating to the stadium deal, welcomed the latest developments.
It read: "We are pleased to confirm that a final agreement has now been reached between CPFC 2010 and PwC in relation to the sale of Selhurst Park. This follows the agreement in principle reached between the parties on Tuesday 1 June.
"Throughout the negotiations, Lloyds Banking Group has remained fully committed to seeking a positive outcome for Crystal Palace FC, given the importance of the club to the local community and its loyal fans. We have worked hard with all the parties involved to reach this successful solution. We are pleased that the CPFC 2010 has thanked us for our role in this process."
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