Consortium close to Palace deal

20 May 2010 11:57
Crystal Palace administrator Brendan Guilfoyle says the Championship club is close to securing a takeover by fans' consortium CPFC 2010.A sale of Selhurst Park is nearing completion and an agreement with hedge fund Aglio, which put the club in administration, has been reached.

CPFC 2010 now need creditors to accept a Company Voluntary Arrangement.

"It's a complex deal to pull together but all of the different parts are being put in place," said Guilfoyle.

"It's like a Rubik's cube with all the different aspects coming together."

The CPFC consortium is a group of local businessmen headed by Palace fans Steve Parish and Martin Long.

They were named as the administrators' preferred bidder at the end of March but were reportedly only interested in a takeover if they could purchase the Eagles' ground.

The Championship side have endured a torrid season after being place in administration at the start of the year.

A 10-point deduction plunged them into a relegation fight and manager Neil Warnock then left for London rivals Queens Park Rangers.

Palace survived relegation by the skin of their teeth on the final day of the season when a 2-2 draw with Sheffield Wednesday saw them survive and their opponents drop to League One.

Source: BBC_Sport