Palace go into administration with £30m debt

The Coca-Cola Championship 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 Brendan Guilfoyle, Chris White and John Russell of the P & A Partnership were yesterday appointed administrators. Guilfoyle said: "This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages. Our role now is to find a buyer 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 30million and are due in court today to face a winding-up order from HM Revenue and Customs. The move into administration means they will be deducted ten 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 two points off the play-offs ahead of tonight's trip to Newcastle. 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.

The Football League is yet to receive formal confirmation from either the club or the administrators that Palace have entered administration. The Football League would need to see official documentation before applying a ten-point penalty, which is effective immediately when any club enters administration.

Former Palace defender and coach Kit Symons said: "Hopefully the situation is not as serious as it sounds. Sometimes when clubs go into administration they come back stronger and I hope that will be the case for Palace."