Crystal Palace goes into administration

Crystal Palace have been placed into administration after conceding defeat in their battle with crippling debts. The club's chairman Simon Jordan has been attempting to attract new investment into the club, who have been late in paying their players twice this season. But Brendon Guilfoyle, Chris White and John Russell of the P & A Partnership have been appointed administrators.

"This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages," Guilfoyle said. "Our role now is to find a buyer quickly to provide certainty for the employees, players and fans for the future. We are hoping our appointment will be short-lived as we understand there are many interested buyers."

Palace have reported debts of around £30 million and had been due in court on Jan 27 to face a winding-up order from HM Revenue and Customs over a £1.2 million unpaid tax bill. The move into administration means they will be deducted 10 points by the Football League.

Despite their financial constraints - manager Neil Warnock has at times this season not been able to name seven substitutes - they were lying just two points off the Championship play-offs. Warnock will instead have a relegation fight on his hands while the sale of his star players, such as teenage striker Victor Moses, now seems inevitable.
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