PracticeConsultingEagles to fly again.

Eagles to fly again.

Moore Stephens secures #10.5m sale of Crystal Palace to mobile phone

Former Crystal Palace administrator Moore Stephens believes the football club will prove itself as financially fitter and leaner than ever before. The mid-tier firm parted with the south London based club yesterday after it was revealed a buyer – Crystal Palace Football Club (2000) Limited, owned and chaired by mobile phone businessman Simon Jordan – had offered the #10.5m asking price. Palace, which has also been advised by Kroll, Buchler & Phillips, had been #10m in debt after former owner Mark Goldberg ran into financial trouble as he attempted to steer the club into the Premiership – and ended up in administration for 15 months. But Simon Paterson, Moore Stephens corporate recovery partner and one of the club’s administrators, said the future now looked bright for the team – nicknamed the ‘Eagles’. He said: ‘We are delighted with the result. It has been achieved with support from the club’s management, its staff, fans and the football authorities. Football clubs that have previously gone into administration have ended up leaner and fitter with a sound financial base. Crystal Palace is no exception and we wish them every success in the forthcoming season.’ The Football League has confirmed the deal has secured the future of Crystal Palace Football Club and its place in The Football League. It also confirms the club will continue to play its home games at its traditional home, Selhurst Park. Football League secretary David Dent, said: ‘After months of hard work we are delighted an agreement has been reached to secure the future of Crystal Palace Football Club. ‘Though the process has been lengthy and, at times, deeply frustrating for the club, The Football League and the supporters of Crystal Palace, the end most definitely justifies the means. Over the course of a year this club has been rescued from financial turmoil and given the opportunity of a more stable future.’ Football finances www.accountancyage.com/News/1101019.

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