Crystal Palace Football Club (CPFC) appears to have been saved from extinction after the club's prospective buyers agreed a deal in principle to acquire the Selhurst Park stadium.

The Coca-Cola Championship club was facing the threat of going into liquidation after administrators from the Sheffield-based P and A Partnership imposed a deadline for a deal to be reached on 1 June. However, the CPFC 2010 consortium, which is looking to acquire CPFC, secured an 11th hour deal with PricewaterhouseCoopers (PwC), the administrators of the Selhurst Park venue.

PwC partner Barry Gilbertson said: "We have agreed in principle the sale of the stadium to CPFC 2010, the consortium which is negotiating the purchase of Crystal Palace Football Club which entered into administration in January." However, PwC said the consortium's bid for the stadium is dependent on the acquisition of CPFC, with negotiations continuing between CPFC 2010 and the club's administrators, the P and A Partnership.