Palace threatened with closure

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Crystal Palace face liquidation unless the consortium attempting to buy the stricken club can complete the deal by Tuesday afternoon.

CPFC 2010, the group headed by local businessmen Steve Parish and Martin Long, claim they have until 3pm on Tuesday to secure their takeover or Agilo, the hedge fund which put Palace into administration in January, will begin selling off players and dissolving the club.

The consortium, whose bid to save the club has stalled over the sale of their Selhurst Park ground, have even called on Prime Minister David Cameron to intervene with the south London club on the brink of going out of business.

A statement from CPFC 2010 read: "We have now reached agreement with Agilo regarding their debt against the club and did have what we thought was an agreement with Bank of Scotland, who are the major creditor of Selhurst Park Ltd. Subsequent to this agreement we have been sent a contract that does not reflect this agreement and is unworkable."

Selhurst Park is currently under the control of separate administrators PricewaterhouseCoopers, who are selling the ground on behalf of Bank of Scotland. The sticking point appears to be a clause in the deal which would see the bank receive further money if the ground was sold on in the future.

The statement added: "As we sit the future of Crystal Palace hangs in the balance and is very much in the hands of a person in a bank in Scotland whom we have never met and, it seems, we are not allowed to speak to."

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Crystal Palace

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