Guilfoyle close to finding buyer

Posted Wednesday, March 03, 2010 by PA

Crystal Palace's administrator Brendan Guilfoyle hopes to have found a buyer for the club by the end of the month.

Guilfoyle appointed Paul Hart as manager on Tuesday after Neil Warnock's move to QPR and can now concentrate on securing the future of the club which went into administration in January with debts of £30million.

"This has been an unwelcome distraction, it's not something I wanted but it's dealt with now and we can get back to finding a buyer," he said.

"I'm engaged with someone who is very close, they're asking for information. It is a single party represented by a city-based firm of accountants so we are asking for proof of funds - they need £10million in a UK solicitor's bank account.

"We are aiming by the middle of this month to have someone with preferred buyer status to sit around the table with me to discuss the purchase of the club.

This one is a single party, but there are other parties around."

Guilfoyle allowed Warnock to leave after agreeing a compensation package with QPR. But with Palace above the drop zone on goal difference alone, he ruled out the possibility of star players such as Darren Ambrose and Neil Danns following the Yorkshireman to Loftus Road.

"The players are all staying unless the management team tell me otherwise," he added. "We are in for a battle now and we need all our resources.

"Agents have made me aware that clubs are interested in taking players on loan but that's not going to play out well. Rightly or wrongly I perceive the brand to be worth more as a Championship club.

"There were suggestions with QPR that we could do this or that to help me get more money but I said no. I sought compensation, full stop."

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