Insolvency specialist Buchler Phillips is advising Crystal Palace on a rescue plan in an effort to save the financially troubled football club.
A petition for an administration order was due to be filed this week which, if granted by the courts, would clear the way for a restructuring of the club’s finances.
Buchler Phillips was called in after an emergency board meeting at the South London club last week. At the meeting, chairman Mark Goldberg said outside professional help was needed to secure the club’s future. The decision followed the club’s failure to pay wages to players and staff.
Buchler Phillips partner Lee Manning said: ‘The best hope would be a restructuring so the club would survive. The important thing is to make sure funding is in place.’
Crystal Palace was bought last year by Goldberg for #23m, but has been beset by financial difficulties. Manager Terry Venables left six weeks ago.
Buchler Phillips is also advising Richmond Rugby Club – expected to go into administration this week.
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