Crystal Palace could be liquidated tomorrow after the Administrator confirmed he had no more cash left to run the business.
Administrator Brendan Guilfoyle, who made 29 employees redundant on Friday, has set a 3pm deadline for the CPFC2010 consortium to finalise a deal to buy the club. They have agreed a deal but will not complete until they agree a purchase of the ground as well.
The state owned Bank of Scotland hold the key to the ground sale, and CPFC2010 have called on the Government to intervene in the situation. They are offering less for the ground than a property developer has offered, but with a clause entitling a further payment should the ground be sold later on. The two sides are disputing how much that further payment should be worth.
With the club's wage bill unpaid it needs cash urgently. As an Administrator, Guilfoyle cannot run up debts and will have to liquidate the club if no progress is made. Hundreds of Eagles fans gathered at Selhurst Park this afternoon to march and demonstate about the situation.
The Football League are unlikely to make any changes to the divisonal make-up if Palace folded. They told Grimsby last week no changes would be made if Stockport failed to meet their deadline to exit Administration.