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01 Jun 2010
Crystal Palace Football Club faces liquidation unless its potential new owners can beat the deadline set by creditors to complete the purchase.
Brendan Guilfoyle, administrator of Crystal Palace, has agreed a deal with CPFC 2010 to buy the club, but the potential new owners want a deal signed with the ground's owners HBOS.
But a statement from CPFC 2010 said that the current offer from the bank was "unworkable".
CPFC 2010 said the bank was worried that the consortium might look to sell the ground in the future. Creditors Agilo have given until 1500 on tuesday for a deal to be struck, or take the club into liquidation and sell its assets.
The consortium have agreed to an anti-embarrassment clause to pay the bank the difference between their price and that which the bank could currently receive from a property developer, if the ground was to be sold in the future, however it claims that the bank is looking for a potential unlimited return.
"We are dealing through intermediaries and its very frustrating, as we don't think the bank competently understand the situation we are in, or the urgency," said the CPFC 2010 statement.
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