Coca-Cola Championship club Crystal Palace have today gone into administration.
The Eagles' chairman Simon Jordan has been attempting to attract new investment into the club, who have been late in paying their players twice this season. But Brendan Guilfoyle, Chris White and John Russell of the P & A Partnership were appointed administrators on Tuesday afternoon.
Guilfoyle said: "This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages."
He added: "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."
Palace have reported debts of around £30million and are due in court on Wednesday to face a winding-up order from HM Revenue and Customs.
The move into administration means they will be deducted 10 points by the Football League.
Despite their financial constraints - boss Neil Warnock has at times this season not been able to name seven substitutes - they were lying two points off the play-offs ahead of Wednesday night's trip to Newcastle.
Warnock will instead have a relegation fight on his hands while the sale of his star players, such as teenage striker Victor Moses, now seems inevitable.
The Football League are yet to receive formal confirmation from either the club or the administrators that Palace have entered administration.
The Football League would need to see official documentation before applying a 10-point penalty, which is effective immediately when any club enters administration.
Copyright (c) PA Sport 2009, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms