Eagles to fly again
Former Crystal Palace administrators at accountancy firm Moore Stephens believe the football club's finances will prove to be fitter and leaner than ever before.
The 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 had been £10m in debt after former owner Mark Goldberg ran into financial trouble as he attempted to steer the club into the Premiership – instead taking the club into 15 months of administration.
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 also 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 club’s league status. It also confirms that 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 absolutely delighted that 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.’
Renewed hope for beleaguered football clubs
Football’s big league finances