Crystal Palace Out Of Administration

Ollie Irish

20th, August 2010

1 Comment

CRYSTAL Palace have confirmed they are out of administration.

The Football League have officially accepted the club’s new owners, CPFC Ltd, a consortium led by Steve Parish and Martin Long.

Brendan Guilfoyle, of P&A Partnership and joint administrator of the previous owners, Crystal Palace FC (2000), said in a statement: “It is a relief to get to the end of what has been a long and complex procedure. For everyone at the club and of course the fans, this is the future.

“The new club can now go forward, with the embargo on player transfers lifted and no further points deducted – all welcome developments at the beginning of the new season.”

Parish, of CPFC Limited, said: “We would like to thank Brendan and P&A for their expertise, diligence and hard work throughout the administration.

“The fact Crystal Palace lives to fight another day is in no short measure due to their efforts.”

The Eagles went into administration in January 2010 with debts of more than £30m.

The move cost the Eagles a 10-point penalty, their best young player in Victor Moses, who had to be sol (he’s now at Wigan, where he’s a fish out of water), and eventually their gaffer Neil Warnock who left for QPR in March.

But the 105-year-old club was hours from going bust on June 1 when, with fans protesting outside the HQ of Lloyds Bank in London, Parish and Long’s consortium finally agreed a buy-out.

Good news indeed. Palace are a fine old club and I’d hate to have watched them ho under. I just hope new manager George Burley steadies the ship, instead of making preposterous bids for hasbeen stars… what’s that? Edgar Davids, you say! Oh.

Reaction from a Palace fanzine editor:

“There’s only one word to sum up the mood at Palace at the moment: excitement. And disbelief. OK, two words. But the fact that we are even talking about the possibility of signing Edgar Davids shows how far Palace have come in the last few months; from a team teetering on the edge of oblivion, to getting worked up about signing a Golden Oldie.

“It’s not like we haven’t been here before; Atillio Lombardo anyone? And he turned out to be an absolute star (although he was a few years younger than Edgar, and somewhat fresher having just come from a Serie A winning Juventus side, but still).

“I went down to the training ground yesterday to do some interviews for the fanzine, and the most excited players were the first-teamers; Neil Danns was positively bursting with excitement and couldn’t keep the smile off his face. “He’s a legend, I’d love to play and learn from him,” he told me.

Even if Davids doesn’t sign, the repercussions from the last few days’ activities, and the news that CPFC2010’s purchase of the club is now finalised, ending any lingering worries about the future of the club, have turned Selhurst Park from a gloomy place into a very positive one indeed.”

James Daly, Editor of Five Year Plan Fanzine

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1 Comment

  1. max says:

    wooh! yeah! (fist pump, etc)
    As for Edger – bring him on! Shaun Derry is only a couple of years younger and he started every game for us last season. And decent player that Derry is, well… there’s a slight difference, isnt there?
    I feel all light-headed

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