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Championship club Crystal Palace look set to be saved from extinction after a last-minute takeover deal was agreed in principle.
Administrator Brendan Guilfoyle had warned the CPFC 2010 consortium that if an agreement could not be reached yesterday afternoon (June 1st), he would begin selling assets and liquidating the south London outfit.
However, 11th-hour negotiations proved fruitful and the group, led by long-time Crystal Palace followers Martin Long and Steve Parish, will acquire both the club and their Selhurst Park home, which had also been under threat after developers were rumoured to be showing an interest.
A statement from Lloyds Bank confirmed a deal for the stadium had been struck, adding: "This enables the [CPFC 2010] consortium to go ahead with the purchase of both the Crystal Palace Football Club and Selhurst Park."
Yesterday, the Yorkshire Post reported that a Football League spokesman had denied Sheffield Wednesday would be reinstated to the Championship if Crystal Palace ceased to exist.
Written by Terry Mitchell
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
