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Palace edge closer to safety
Crystal Palace, 16:55, June 1, 2010 ,
Lloyds banking group have confirmed an "Agreement in principal" has been reached over the sale of Selhurst Park.
A statement was released yesterday by consortium CPFC 2010 confirming if no deal was in place by 3pm today Palace administrator Brendan Guilfoyle would begin to sell the club's assets, including players, and the Eagles would be in real danger of liquidation.
However, Lloyds Banking Group, the chief creditors in the Selhurst Park administration, have confirmed an "Agreement in principal" has been reached over the sale of Selhurst Park, which would keep the club afloat and allow CPFC 2010 to launch a takeover bid.
Earlier today Guilfoyle told Sky Sports News he remains confident a "successful conclusion" can be reached later today and the club are now on the verge of securing a deal to seal their survival.
Any potential sales of players will be now be put on hold, Darren Ambrose was said to be a £750,000 target for QPR but that move will now be shelved for the immediate future at least.
The full statement from Lloyds reads: "PwC 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."