Crystal Palace have been entered into administration and an automatic 10 point penalty will see the Eagles go from within touching distance of the play-off positions to a relegation battle.
Owner Simon Jordan has been courting investors for the Selhurst Park club for months but as many clubs have found in the economic climate, it is very difficult to attract the money men to any club beneath the Premier League. The players have twice had to wait for payment of their wages this season and a transfer embargo was also placed on them.
The Eagles will drop to 20th position in the Championship and after producing excellent results this season, Neil Warnock’s men will have to continue this form to ensure they keep their Championship status. Several of Palace’s star players will be available for transfer, none more so than youngster Victor Moses who has attracted attention from the Premier League and is likely to leave before the end of January.
Palace will sit four points above the relegation zone and if they lose their key performers, it will make it difficult for experienced boss Warnock to muster enough points to keep the Eagles in the division. It must be said though that under Warnock, Palace have performed above expectation and would still fancy their chances of staying up.
The Selhurst Park club have debts nearing the £30million mark and a winding-up order has been placed against them. Administrators have been appointed to help find buyers for the club as the Eagles face an uncertain future.
It seems a matter of time before an established football club ceases to exist, with the likes of Notts County and Portsmouth also having their financial woes this season and many more clubs heavily in debt. Unfortunately we may have to wait for this to happen before the rest of football wakes up and realises that spending beyond your means and chasing the dream is a recipe for disaster.
Richard Howard
