28 Jun 2010Crystal Palace still under transfer embargo

Football Clubs News | Football Finance News

Crystal Palace will not be able to add to their playing staff for at least four weeks, despite the proposed creditors' voluntary agreement (CVA) receiving 91.3 per cent backing when it was put to a vote last week.

Earlier this month, the Championship club's administrators put forward a deal offering 1.9p in the pound, which was finally passed on Friday (June 25th) in spite of the continued objections of HM Revenue and Customs.

The South London outfit were just hours away from liquidation last month, but although the CPFC 2010 consortium is due to assume control at Selhurst Park, a 28-day ban on new transfers remains in place as the Football League awaits possible appeals.

Under the terms of the CVA, the group will hand £250,000 over to administrators to distribute among Crystal Palace's various creditors, after 7,000 of them - including former chairman Simon Jordon - accepted CPFC 2010's proposal.

Written by Terry Mitchell

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