Administrator signs deal to save Crystal Palace

The administrator of Crystal Palace FC and the administrators for the company which owns the ground, have sealed a deal in principle with HBOS to save the club.

Brendan Guilfoyle the administrator for Crystal Palace, and a partner at P &A Partnership - along with PwC administrators - agreed a deal in principle with Lloyds Bank and the buying consortium CPFC 2010 earlier this afternoon, the BBC reported.

Barry Gilbertson, partner PwC, said: "The CPFC 2010 bid is dependent on the purchase of the club, however, it is understood that under the Football League framework any official sale will not take place until after the end of the season and an exit via a CVA was secured by Crystal Palace FC’s administrators, The P&A Partnership.

"Realistically, it is likely to be some weeks before this process is concluded," he added.

The Championship side entered administration in January this year with Guilfolye appointed administrator. However, the stadium was previously bought by property company Rock which became insolvent in February this year. Peter Spratt, Bruce Cartwright and Laurie Manson from PwC were appointed administrators.

A statement from Lloyds Bank said: "PwC 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."

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