August 5 2009

Simon Jordan

The Football League has banned Crystal Palace from signing any new players.

The embargo has been put in place because of a dispute over unpaid player bonuses and signing-on fees from last season.

Palace chairman Simon Jordan says the current squad have been fully paid but insists former players, who are believed to have turned down the chance to defer their bonuses, will be still get their cash.

Jordan told the Daily Mail: "This summer has been difficult for Palace and therefore for me. We had a poor season and attendances were down. I have stepped in to bankroll the club to the tune of £5million between May 20 and July 31.

"I don’t have a board of investors pumping money in. Most clubs would have gone into administration but ours hasn’t because I stood up and made payments to hold the squad together.

"Most Palace fans will find it perplexing having finished 15th, but there are bonuses due and severance payments outstanding to ex-players. This doesn’t apply to the existing squad. Everyone at the club has been paid."