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Palace on brink of extinction
Published : 01 Jun 2010 07:58:58
Crystal Palace will be on the brink of extinction by tea time today unless the consortium attempting to take over the club can salvage their rescue package.
CPFC 2010's bid to buy the Eagles, who have been in administration since January with debts of Â£30million, has stalled over the purchase of their Selhurst Park ground - and they have a deadline of 3pm before the liquidation process is due to begin.
The consortium, led by local businessmen Steve Parish and Martin Long, have been unable to come to an agreement with Bank of Scotland over a so-called "anti-embarrassment clause" which would ensure the bank received further money if the ground was sold on.
Parish and Long have even called on Prime Minister David Cameron to intervene with the 105-year-old club on the verge of going bust.
Administrator Brendan Guilfoyle will have to start selling players today, effectively ending any hopes of a takeover, unless they can resurrect the deal.
Guilfoyle told Sky Sports News: "I'm millions of pounds behind, staff weren't paid on Friday and a number were made redundant, others were asked to carry on working for nothing and it's not a situation I can allow to continue for long. So I've got to start selling players, and if I do that the indications are that 2010 will withdraw.
"Since they are the only party willing to acquire the club then there is a distinct possibility that once I've sold the players I'll have to walk away and let the liquidation process continue.
"I've been confident but I'm not confident any more, I'm concerned now. I'm concerned that this problem might not be overcome in time."
Hundreds of Palace supporters demonstrated outside Selhurst Park yesterday afternoon in a bid to highlight the club's desperate plight.
A statement from CPFC 2010 read: "The future of Crystal Palace hangs in the balance and is very much in the hands of a person in a bank in Scotland whom we have never met and, it seems, we are not allowed to speak to."