Date: 21st August 2010 at 6:39am
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Crystal Palace, came out of administration on Friday and can begin signing players.

The 105-year-old South London club have been taken over by CPFC 2010 Ltd, who replace Crystal Palace FC (2000).

Brendan Guilfoyle, the joint administrator of Crystal Palace FC (2000), said in a statement: ‘It is a relief to get to the end of what has been a long and complex procedure. For everyone at the club and of course the fans, this is the future.

‘The new club can now go forward, with the embargo on player transfers lifted and no further points deducted — all welcome developments at the beginning of the new season.’

Palace were placed in administration in January with debts of over 30 million pounds, which cost them a 10-point penalty and left them battling for survival on and off the field.

They eventually avoided relegation to League One with a 2-2 draw against Sheffield Wednesday on the last day of last season.