May 17 2010

Simon Jordan

The future of Crystal Palace FC could lie in former chairman Simon Jordan's hands after a creditors meeting today.

Failure to exit administration without securing a CVA (company voluntary agreement) could see a further points deduction imposed on the club next season.

In a creditors meeting this afternoon in Holborn Administrator Brendan Guilfoyle revealed that he has signed a sale and purchase agreement with the CPFC 2010 consortium, which is now known to involve local business men Steve Parish (CEO of Tag Worldwide) and Martin Long (founder of Churchill Insurance).

CPFC 2010 are only prepared to fork out £250,000 of the total £25 million debt that Palace owe.

This "penny in the pound" deal has been accepted by hedgefund Agilo (owed £4.5 million), who placed the Eagles in Administration earlier this year, but Jordan, one of the biggest unsecured creditors (owed £7.8 million) is not happy.

Guilfoyle told the South London Press: "Simon Jordan declared himself very dissatisfied and criticised me for not remarketing the club for sale once it had retained its Championship status two weeks ago.

"In his mind there might be other interested parties – but there is no evidence of that. CPFC 2010 are the only team in town.

"CPFC 2010 have said that subject to getting a few things sorted out they will fund me and it means there will not be immediate player sales.

"It is going to cost £2-3m to get through to the start of August.

"If the CVA is not approved it could mean the club faces a further points deduction."

There will be a further meeting of the creditors in June where the club would require a 75% threshold agreement in order to exit by a CVA.