June 25 2010

Crystal Palace

The CPFC 2010 consortium's takeover of Crystal Palace moved one step closer today after the majority of the clubs creditors agreed to a CVA.

A CVA (Creditors' Voluntary Agreement) was required by the club in order to clear their debts and avoid any further points deduction.

During a meeting at Selhurst Park today 91.3% of creditors voted for the proposed 1.9p in the pound offer by the CPFC 2010 consortium, and only the HMRC opposed it.

75% agreement was required in order for the agreement to go through.

A statement from administrators P & A Partnership, said: "At a meeting held at Selhurst Park Stadium this morning there was overwhelming creditors support for the CVA.

"As expected, HMRC voted against the proposals and these were the only creditor that opposed the CVA at the meeting."

The Football league will now wait 28 days for an appeal from the HMRC and then they will then meet the new owners for due diligence.

Palace are able to sign players now but will have to wait until approval from the Football League before they can be registered.