DLA Piper and Dentons lead on rescue operation for Crystal Palace FC
DLA Piper and Denton Wilde Sapte have taken lead roles advising on the administration of debt-laden Crystal Palace Football Club. The Championship football club went into administration last week (26 January), with The P&A Partnership appointed as administrators.
February 03, 2010 at 03:31 AM
2 minute read
DLA Piper and Denton Wilde Sapte have taken lead roles on the administration of debt-laden Crystal Palace Football Club.
The Championship football club went into administration last week (26 January), with The P&A Partnership appointed as administrators.
Dentons stepped in to advise the club's owner, Simon Jordan, with London restructuring partners Rachel Anthony and Richard Cook leading.
DLA Piper has been instructed by P&A as legal counsel, fielding a team under Leeds restructuring partner Richard Obank.
A statement on the club's official website said that the administrators had been appointed in order to rescue the club and reconstruct its finances. The club said that it was urgently seeking buyers.
As a result of the administration, the Football League will deduct 10 league points from the club.
Crystal Palace is among a raft of professional football clubs to face financial problems in the wake of the recession.
Earlier this month, Allen & Overy and Latham & Watkins advised Premier League giant Manchester United on its £500m bond issue, which is expected to help the club manage its debts.
Meanwhile, Portsmouth FC is currently facing a winding-up petition from HM Revenue & Customs after changing ownership twice at the end of last year. A full court hearing is set to take place this month.
The Crystal Palace instruction underlines DLA Piper's position as a regular adviser to major football clubs, with the firm this year also advising on the £105m takeover of West Ham United FC.
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