The proposed takeover of Crystal Palace moved a step nearer on Monday after the signing of legally binding agreements.
Takeover of club close to completion
The proposed takeover of Crystal Palace moved a step nearer on Monday after the signing of legally binding agreements.
Palace were rescued from liquidation last week when CPFC 2010 agreed in principle to purchase the Championship club and the Selhurst Park ground.
Administrator Brendan Guilfoyle has now confirmed that "legally binding agreements have been signed which should save the football club".
Guilfoyle, who has been in charge of Palace's affairs since they went into administration in January, is hoping the deal will be completed by the start of the new season.
"The legal contracts for the purchase of the club have been exchanged," said Guilfoyle.
He added: "Football insolvency is highly complex.
"Each football club has a share in the Football League and in essence we have agreed to transfer that share to the new owners, Crystal Palace Football Club 2010.
"Achieving this sale has been a balancing act between four parties - the stadium administrator, the secured creditor Agilo, other creditors and the Football League who need to be satisfied that the deal meets their requirements."
Developments
A statement released by Lloyds Banking Group relating to the stadium deal welcomed Monday's developments.
"We are pleased to confirm that a final agreement has now been reached between CPFC 2010 and PwC in relation to the sale of Selhurst Park," said the statement.
"This follows the agreement in principle reached between the parties on Tuesday 1 June.
"Throughout the negotiations, Lloyds Banking Group has remained fully
committed to seeking a positive outcome for Crystal Palace FC, given the
importance of the club to the local community and its loyal fans.
"We have worked hard with all the parties involved to reach this successful solution. We are pleased that the CPFC 2010 has thanked us for our role in this process."
