But Brendan Guilfoyle, Chris White and John Russell of the P & A Partnership have this afternoon been appointed administrators.
Guilfoyle said: "This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages.
"Our role now is to find a buyer quickly to provide certainty for the employees, players and fans for the future. We are hoping our appointment will be short-lived as we understand there are many interested buyers."
Guilfoyle later added on Sky Sports News: "I have options. My priority is to make sure we have sufficient funding to complete the club's fixtures and one technique will be the sale of assets.
"There will be agents travelling towards me now and we will be discussing the sale of players.
"I have not yet had the opportunity to speak to the manager, they have an away game on Wednesday and he was on a plane when I arrived.
"Hopefully I will have the opportunity to do so as we try to secure the club's future."
Palace have reported debts of around £30million and are due in court on Wednesday to face a winding-up order from HM Revenue and Customs.
The move into administration means they will be deducted 10 points by the Football League.
Despite their financial constraints - boss Neil Warnock has at times this season not been able to name seven substitutes - they were lying two points off the play-offs ahead of tomorrow night's trip to Newcastle.
Warnock will instead have a relegation fight on his hands while the sale of his star players, such as teenage striker Victor Moses, now seems inevitable.
The Football League are yet to receive formal confirmation from either the club or the administrators that Palace have entered administration.
The Football League would need to see official documentation before applying a 10-point penalty, which is effective immediately when any club enters administration.
Palace defender Matt Lawrence admitted the news came as a huge blow to the players - but vowed they would work just as hard to avoid relegation.
"It's just bitterly disappointing that all the hard work done by the players and the manager so far this season to get us where we are in the league has disappeared," he told the Croydon Advertiser.
"We were two points off the play-offs but now we are just four points above the relegation zone. So obviously the focus has changed.
"We're in a relegation scrap now and rather than tomorrow night's game being a six-pointer in terms of the play-offs, the games with Peterborough and Scunthorpe in the next two weeks are the six-pointers.
"I think the lads have shown that during these hard times they have been focused on the football and I'm sure they will keep on doing the same thing now. The games we have got remaining have just taken on even more significance."
Former Palace defender and coach Kit Symons believes the club will battle through their financial problems and hopefully emerge stronger.
He told Radio Five Live: "Hopefully the situation is not as serious as it sounds.
"My take is that if they had sold Victor Moses they could have put this off, but sometimes when clubs go into administration they come back stronger and I hope that will be the case for Palace.
"Neil Warnock has done exceptionally well and the one good thing is that even with the 10-point penalty they are still in good form and above the relegation zone.
"So if they don't have to sell players they should stay up - and a Championship club will be much more attractive to buyers than a League One club."
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