Palace to exit administration

Crystal Palace are set to come out of administration after six treacherous months at Selhurst Park.

Light at the end of the tunnel for Eagles

Crystal Palace are set to come out of administration after six treacherous months at Selhurst Park. With the deadline for an appeal against their Company Voluntary Agreement having passed, the future is looking a lot brighter for the Championship club. They were placed into administration back in January and the resulting ten-point deduction saw them come perilously close to losing their second tier status. They were able to beat the drop, but their precarious financial standing has left them sweating all summer. They only narrowly avoided going out of business in June when Steve Parish's CPFC 2010 consortium agreed a rescue package. Palace can, however, now look forward with renewed optimism after Her Majesty's Revenue and Customs, who appealed Portsmouth's CVA last week and have issued Sheffield Wednesday with a winding-up order, opted against lodging an appeal by Friday's 4pm deadline.

Gratitude

That means CPFC 2010 can now apply for a transfer of Palace's Football League share, allowing them to take full control of the club. Should that happen, the transfer embargo hanging over the Eagles will also be lifted and they will be free to register new players once more. Administrator Brendan Guilfoyle said: "This is now the beginning of the end of the rescue of Crystal Palace FC. "I am delighted and would like to express my sincere gratitude for the support and patience of the staff and fans and indeed everyone involved at Crystal Palace. "I would like to say a special thank you to Steve Parish. Without his determination and tenacity it would not have been possible to resolve the many difficulties that arose during such complex and lengthy negotiations."