Championship side Crystal Palace have gone into administration.
Palace have reported debts of around £30 million and are due in court on Wednesday to face a winding-up order from HM Revenue and Customs.
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 he has finally been forced to call in the administrators. Palace will now be docked ten points by the Football League.
Neil Warnock had guided Palace to ninth after an impressive run of form but their ten point deduction will drop them into fifth from bottom and instantly plunge them into a relegation fight.
Despite their financial constraints - boss Neil Warnock has at times this season not been able to name seven substitutes - they were lying two points off the play-offs ahead of Wednesday's night's trip to Newcastle.
Warnock will instead have a relegation fight on his hands while the sale of his star players, such as teenage striker Victor Moses, now seems inevitable.
Brendon Guilfoyle, Chris White and John Russell of the P & A Partnership have been appointed as 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."
It is the second time Palace have gone into administration in 11 years.
