BusinessBusiness RecoveryAdministrator signs deal to save Crystal Palace

Administrator signs deal to save Crystal Palace

Brendan Guilfoyle, Peter Spratt, Bruce Cartwright, Laurie Manson and Lloyds Bank sign a deal in principal to save the Championship side

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.”

Further reading:

Crystal
Palace future on the line

Portsmouth
CVA sees HMRC chase image rights payments

Clear
as Crystal

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