Championship club Crystal Palace have gone into administration on Tuesday. The Eagles' chairman Simon Jordan has been attempting to attract new investment into the club, who have been late in paying their players twice this season.
But Brendan Guilfoyle, Chris White and John Russell of the P & A Partnership have this afternoon been appointed administrators.
Guilfoyle said: "This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages.
"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."
Palace have reported debts of around £30million and are due in court on Wednesday to face a winding-up order from HM Revenue and Customs.
The move into administration means they will be deducted 10 points by the Football League.
The Football League are yet to receive formal confirmation from either the club or the administrators that Palace have entered administration.