Palace takeover moves closer as preferred bidders named

The administrators of Crystal Palace have named their preferred bidder as a takeover of the club moves closer.

The CPFC 2010 consortium is believed to be a group of local businessmen, but their offer will only stand if they are able to purchase Selhurst Park.

Joint-administrator Brendan Guilfoyle says he is "satisfied that they have the finances and the ability to purchase the club."

Guilfoyle also confirmed the club is not funded beyond this season.

Palace entered administration at the end of January, and find themselves battling to avoid relegation having been deducted 10 points.

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Consortium spokesman David Jensen said: "I am pleased to be assisting the CPFC 2010 Consortium, who are grateful and privileged to be granted preferred bidder status.

"Like me, the club is important to them and they have come forward with an offer to save the club from closure.

Guilfoyle added: "The key to the proposed sale is the stadium and I am hopeful that the CPFC 2010 Consortium can have constructive negotiations with the stadium administrator, Laurie Manson.

"However, time is of the essence. I think everyone knows that I am not currently funded beyond the last game of the 2009/10 season."