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C Palace 15:00 Stoke

Guilfoyle admits concern

Palace administrator faces up to reality of liquidation

Last Updated: 01/06/10 5:21pm

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Selhurst Park: Problem area

Selhurst Park: Problem area

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Crystal Palace administrator Brendan Guilfoyle admits he is not confident a deal can be done to save the club.

Palace on are on the brink of liquidation and the consortium in negotiations to buy the club have until 3pm on Tuesday to strike a deal.

The club's bank, The Bank of Scotland, have advised the group, CPFC 2010, that a sale must be completed by that date or the players will be sold and the club dissolved.

Guilfoyle says his confidence has turned to concern, and is in a difficult situation regarding the issue of player sales.

"I need money. I'm millions of pounds behind," he told Sky Sports News.

"Staff weren't paid on Friday, a number of them were made redundant, others were asked to carry on working for nothing. That's not a situation that I can allow to continue for long.

"So I've got to start selling players, and if I do that the indications are that (the consortium) 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'd become quite complacent, thinking we were moving towards a deal tomorrow.

"The bank has got to get involved and has got to understand the issue the consortium have and see whether they can resolve it.

"I've been confident but I'm not confident anymore, I'm concerned now. I'm concerned that this problem might not be overcome in time."

Stadium issue

The problem with the mooted deal is the stadium Selhurst Park, as CPFC 2010 will not continue without securing the ground.

Guilfoyle added: "Essentially a price has been reached on the stadium but it's about what's known as the anti-embarrassment provision, the way the bank seeks to protect itself from embarrassment in the future should the ground be sold to a developer.

"My understanding is there's no limit on what that compensation could be, which is unsatisfactory to 2010.

"I think they're a little bit frustrated because they're not able to speak to the bank over this holiday weekend."

Meanwhile, the Eagles administrator revealed that he is in a position to sell players if necessary, with terms already agreed between Palace and QPR for the transfer of midfielder Darren Ambrose.

He remarked: "There are terms agreed on Darren and I would be in a position to move on him immediately, and there is interest in other players. We are holding our breath hoping 2010 can get across the line.

"Certainly the beginning of the liquidation of the club would begin."

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