Crystal Palace is urgently searching for a buyer to avoid
bankruptcy after financial troubles left the second-tier club
facing a 10-point penalty.
Despite Palace's cash restraints, the London club was in a
strong position to return to the Premier League, sitting just
outside the League Championship playoff places.
But with financial administrators being appointed Tuesday to
reorganize the club's finances and protect it from creditors, the
league will have to impose an automatic 10-point deduction.
That will leave Palace just four points above the relegation
zone, seriously undermining its hopes of ending a five-year stay
outside of the top flight.
Palace chairman Simon Jordan had been attempting to attract
new investment into the club, which has been late in paying its
players twice this season.
"This club has been in the spotlight for some months with
creditors pressing for payments and players anxious about their
wages," said Brendon Guilfoyle of the court-appointed
administrators.
"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."
