Crystal Palace sale ‘imminent’

Crystal Palace FC. Photo: Chris Dodd

There are reports that a bid for Crystal Palace is being given detailed consideration by the football club’s administrator. The Croydon Advertiser reports that Palace could be sold in the next few days. The administrator, Mr Brendan Guilfoyle, indicated to the local paper that a sale is imminent:

“I’m hoping I can get a sale agreement in place by the time of the meeting on Monday, then I can draw up my CVA (Company Voluntary Agreement) after that.”

Palace escaped relegation after drawing 2-2 with Sheffield Wednesday in their last game of the season. They were plunged into the drop zone after being penalised with a ten point deduction for going into financial administration.

The Eagles main stand at Selhurst Park. Photo: Chris Dodd

The club’s success in avoiding relegation to League One makes it more attractive to potential buyers and its loyal fan base and strong community support in South West London and Croydon is a further incentive.

Mr Guilfoyle has been engaged in negotiations with the CPFC (2010) consortium, a financial group which is understood to be in a position to lodge a formal offer for the club. Mr Guilfoyle is due to hold a question and answer session with the Crystal Palace Supporters’ Trust who have been working alongside the consortium, Tuesday next week. The Trust launched a fundraising initiative to support CPFC (2010) just before the end of the season:

“Although the club now has a preferred bidder in place, there can be no room for complacency. […] the Trust believes that a contingency fund should be put in place now in case it is needed to ensure the survival of Crystal Palace FC.”

Another issue to be resolved is the ownership of the club’s ground, Selhurst Park, which is currently being sold by estate agents CB Richard Ellis on behalf of administrators.

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