Club saved as contract is signed
PUBLISHED: 11:28 10 June 2010 | UPDATED: 15:43 16 August 2010
A FOOTBALL club has been saved from extinction after new buyers signed a legally binding contract with administrators. A consortium of businessmen, CPFC 2010, signed contracts for Crystal Palace Football Club and has paid a deposit for its ground, Sel
A FOOTBALL club has been saved from extinction after new buyers signed a 'legally binding' contract with administrators.
A consortium of businessmen, CPFC 2010, signed contracts for Crystal Palace Football Club and has paid a deposit for its ground, Selhurst Park, it was announced on Monday.
Administrator Brendan Guilfoyle confirmed the news on the club's website, ending five months of administration and intense speculation over the future of the historic club. Fan Richard Wilsher, 27, from the Supporter's Trust, said: "It's excellent news and a wonderful new dawn for the club. We now have four prudent businessmen in charge at last.
"Hopefully, the key will now be sustainability for the club, nurturing home grown talent and not spending money on big signings."
The period of turmoil for fans came to a head last week, after Mr Guilfoyle set a deadline for a deal to be reached on June 1 at 3pm. Thousands of fans gathered outside Selhurst Park on May 31, and hundreds marched on the headquarters of Lloyds Banking Group, in central London, the following day to put pressure on bankers who owned their ground to sell it to CPFC 2010.
The consortium includes wealthy fans Steve Parish and Martin Long, who have been locked in talks with the administrators and bankers from Lloyds, who owned Selhurst Park. A statement from CPFC 2010 on Monday said: "We have today completed the acquisition of Crystal Palace Football Club from the administrator of CPFC 2010. We will now start the process of rebuilding the club, starting first with the management and playing squad. The players have been magnificent.
"The uncertainty of the past months has been difficult. We'd like to extend our gratitude to all of them and thank the fans who inspired us to keep going."