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Ex-Palace chairman "choked" at going into administration

Former Crystal Palace chairman Simon Jordan was gutted the Eagles were forced into administration in January as the club struggled to stay on an even financial footing. "I felt choked," Jordan told Sky Sports News. "I didn't believe it was never going to happen, not because I was stupid, because the guy threatened to do it.

"His bluff had been called on a number of occasions because no one believed it would be that illogical to do it.

"They were owed £4.3million and people will say 'why didn't you have the ability to pay that £4.3million' because I just had put £6million during that summer and equity like everyone else's had taken a battering.

"I looked at it and I clearly thought I had deals on the table.

"I signed a term sheet with Hero Fund for £7.5million, which they reneged on, and that £7.5 million wasn't to mortgage the club's future it was to enable us to keep our young players for as long as we wanted and only ever pay that money when he had sold our younger players at much bigger prices now than we would sell them now if we had to sell them.

"That deal fell apart, the bank stepped in, they were ready to go so the fact it went into administration was a joke to be honest and a very unfunny joke.

"For me, for the club and for everyone surrounding it, it is soul destroying.

"I think the players deserved better, I think the fans deserved better and I think I deserved better.

"I was the owner so I have to take responsibility for it.

"But I don't think honestly and I know I made a lot of mistakes with things I said and things that I did, but I don't think there is anything more than I could have done.

"I think I did more than I possibly should have done personally and I did everything I could to try and get Palace back on an even keel even to the point of committing massive parts of my equity to the business.

"In a rational world we would not be in administration because if the deal had stayed as it was that was being agreed with, those guys they would be paid now, the revenue would have been dealt with, Palace would not have lost its manager and we would still be in the top echelons of the league."

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