"There has been so much talk about other clubs and I just thought it made sense to do this now so that there is stability and things don't just blow up in everyone's face like the last few months at Charlton," he told the South London Press.
"When you look at the teams coming down from the Premier League, the sides coming up and the likes of Ipswich and QPR are all going to have masses of money and probably our best chance will be by me giving a bit of stability, which will help with getting players in.
"But the main reason for signing is the fans - it's amazing how supportive they have been. They understand the plight we're in and that I'm probably the best person to get them out of that.
"One of my mates is a Palace fan and keeps asking for me to have another year - and my kids were putting me under pressure, too, because they are loving it in London as well."