Championship side Crystal Palace are the latest club to enter administration. The South London side have not always been able to pay their players on time in recent months and face a winding up order in the High Court tomorrow over a £1.2m tax bill. A Cayman Islands company from whom they had borrowed five million pounds pulled the plug. Attendances have been falling at Selhurst Park recently, despite the club looking as if it could challenge for promotion.
Championship side Crystal Palace are the latest club to enter administration. The South London side have not always been able to pay their players on time in recent months and face a winding up order in the High Court tomorrow over a £1.2m tax bill. A Cayman Islands company from whom they had borrowed five million pounds pulled the plug. Attendances have been falling at Selhurst Park recently, despite the club looking as if it could challenge for promotion. Once the paperwork has been received, the customary ten point penalty will be applied, but Palace have enough points in the locker to avoid dropping straight into the relegation zone. The administrators are looking for a purchaser for the club and, once its debts are cleared, it might well prove attractive to someone given that it is effectively the club for the populous area of Croydon. There are not so many potential buyers of clubs as there once were, but it might be seen as an opportunity at the right price.