Crystal Palace have gone into administration and are facing an immediate 10-point deduction as a result.
Eagles facing bleak future and 10-point deduction
Crystal Palace have gone into administration and are facing an immediate 10-point deduction as a result.
The Football League is still to confirm the penalty as they are awaiting legal paperwork, but administrators have been appointed in a bid to rescue the Championship club.
The Selhurst Park outfit have been struggling financially for some time with chairman Simon Jordan actively seeking new investment.
Palace's players have seen their wages delayed this season, while the club have been forced to operate under a transfer embargo due to their plight.
The South London side have now been left with no option but to place the club into administration in the face of mounting debts.
Their 10-point deduction will see them plunge from ninth in the table and on the fringes of the play-off race to 20th, just four points above the drop zone.
Rescue
A statement released to
Sky Sports News read: "Brendan Guilfoyle, Chris White and John Russell of the P & A Partnership have today been appointed administrators of Crystal Palace Football Club.
"The administrators have been appointed to rescue the club and reconstruct its finances and will be urgently seeking buyers."
The administrators remain confident that they will soon be able to find a new buyer to save the ailing Eagles.
Guilfoyle said: "This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages.
"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."
