Crystal Palace have been saved from extinction after an agreement was reached in principle for CPFC 2010 to buy the club and Selhurst Park.
The club is struggling and consequenlty, Palace are favourites to go down. In the football betting Paddy Power have shortened the odds of Crystal Palace being relegated to Division one.
Administrator Brendan Guilfoyle gave them until Tuesday at 1500 BST to reach an agreement with Lloyds Bank before starting to liquidate the club.
At that stage, he said he would begin selling players – ending the chances of the consortium taking over.
CPFC 2010 are headed by Eagles fans Steve Parish and Martin Long.
Hundreds of Palace supporters had met outside the bank’s headquarters to protest earlier in the day when the club’s future had looked bleak.
But a statement from Lloyds Bank read: “(Stadium administrator) Pricewaterhousecoopers has reached an agreement in principle with CPFC 2010 in relation to the sale of Selhurst Park.
“This enables the consortium to go ahead with the purchase of both the Crystal Palace Football Club and Selhurst Park.”
The problems over the takeover started when Bank of Scotland agreed to sell the ground to CPFC 2010 for a price lower than what a property developer would be prepared to pay but they asked for a share of any profit if it was sold again.
The consortium agreed, but thought there should be a cap on that potential “further return” if it was a result of Palace having success on the pitch or ploughing more money into their infrastructure.