Crystal Palace went into administration on Tuesday evening as they failed to meet payments for mounting debts.
Having spent most of the season in financial turmoil, the Championship side were due to have a High Court hearing on Wednesday as they faced a winding-up order for an unpaid tax bill. With debts now at approximately £30m, P & A Partnership have been appointed administrators of the club.
“This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages” said Brendan Guilfoyle of P & A Partnership.
“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”.
Palace Chairman, Simon Jordan, has been actively seeking new investors after making clear his intention to sell the south-east London club last season. Unable to find suitable investment, the club has had to delay payments to players, staff and management on a number of occasions this season.
Despite their difficulties off the pitch, the team has lost just twice in 15 matches and are just 4 points away from the play-offs.
“The timing just astonishes me. There’s still a week to go in the transfer window and we are about to sell Victor Moses for millions. I’m devastated, shocked and hugely disappointed” said Palace manager, Neil Warnock.
Moses has impressed this season with a number of eye-catching performances. Premier League clubs including Manchester City, Liverpool and Arsenal as well as Spanish giants Real Madrid and Barcelona are said to be pursuing the player’s signature.
“I know there will be clubs eyeing up all the talent we have coming through from our youth scheme and thinking they can get players for a song. Let’s hope that doesn’t happen. As I said, I really cannot understand the timing,” he told The Independent.
Teams that go into administration are automatically docked 10 points by the Football League. The club will now enter a relegation battle with the penalty meaning they drop from ninth to just two places above the drop zone.