The harrowing news came to the fore yesterday when the club released a statement on their website.
Three administrators have been appointed to unearth new investors in the club. They will also reconstruct the finances at the club.
One of the administrators, Brian Guidfoyle said: Ã¢â‚¬Å“This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages.Ã¢â‚¬Â
He added: Ã¢â‚¬Å“Our role now is to find a buyer quickly 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.Ã¢â‚¬Â
It means that Palace will be automatically docked a mandatory ten points. The reduction will see them drop from ninth place to a mere two points above the relegation zone.
It is an unfortunate turn of events for Palace as they had previously lingered just outside the play-off places. However manager, Neil Warnock, has vowed to battle to ensure the club’s future on the pitch.
“The supporters can rest assured that from that me and the players will fight every inch of the way,” said Warnock.
The former Sheffield United manager also voiced his support for the chairman, Simon Jordan who had rescued the club from administration in 2000.
Ã¢â‚¬Å“He has put everything into this club and he is so upset that it has come to this,Ã¢â‚¬Â said Warnock.
Warnock will now prepare his side for the match with Newcastle United tonight.
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