Crystal Palace have been saved from extinction after the CPFC 2010 consortium agreed a deal.
Bank confirms deal has been agreed to sell Selhurst Park
Crystal Palace have been saved from extinction after the CPFC 2010 consortium agreed a deal to buy the club and Selhurst Park.
A 3pm deadline on Tuesday had been set for a takeover of the Championship club to be agreed or administrator Brendan Guilfoyle would have been forced to sell players and place Palace into liquidation.
CPFC 2010 had been desperately trying to put together a package to buy Palace, but the sticking point had been the purchase of the Selhurst Park ground.
However, a deal has now been agreed in principle with Lloyds Bank for the sale of Selhurst Park, which will allow CPFC 2010 to press ahead with its takeover.
Durable solution
A statement from Lloyds Bank read: "(Stadium administrator) PricewaterhouseCoopers has reached an agreement in principle with CPFC 2010 in relation to the sale of Selhurst Park.
"This enables the consortium to go ahead with the purchase of both the Crystal Palace Football Club and Selhurst Park.
"Lloyds Banking Group has worked hard throughout this process to achieve a durable solution. We are pleased a successful conclusion has now been reached.
"We are also pleased that PwC, which acts on behalf of Selhurst Park, has publicly acknowledged today the ongoing support it has received from Lloyds Banking Group."
Hundreds of Palace fans had gathered outside the bank's headquarters to demonstrate and had been fearing the worst when the 3pm deadline passed.
But negotiations were continuing behind closed doors and the deal has now been struck, saving the 105-year-old club from going out of business in the nick of time.
