Crystal Palace's creditors will vote on a proposed Creditors' Voluntary Agreement on June 25.

The date was announced today by the club administrators, The P & A Partnership as part of a 92-page document released via the club's official site.

More than 75 per cent of creditors in terms of value must vote for the deal for it to go through, with the administrators warning that if it is rejected then the proposed purchasers, CPFC2010, will pull out and the club will more than likely be wound up.

If agreed, the last hurdle for the consortium will be getting the Football League to grant it the Football Share.

The statement also revealed that:

- If the CVA is successful and CPFC2010 completes its takeover, it will immediately give £250,000 to The P&A Partnership for them to give to preferred creditors (in order for them to be paid in full) and then distributed among the unsecured creditors.

- CPFC2010 is providing funding for Palace by way of a close season loan, meaning the administrators can meet the club's trading liabilities, not including wages for players and employees. If the sale agreement doesn't go through for whatever reason, then the loan must be repaid to CPFC2010.

- The deal for Selhurst Park includes terms whereby Selhurst Park Ltd, the former owner of the ground who went into administration, waives its right to the rent payable during the period of administration, totalling £470,184 so far plus £3,562 every day until CPFC2010's receive the football share.

- CPFC2010 will take on a number of liabilities of the club once the sale agreement goes through, including £114,000 to football creditors and the players' entitlements up to the end of their contracts including deferred wages and bonus entitlements in the approximate sum of £4.4 million.

- If the CVA proposal is rejected then the administrators believe the club will most likely end up in compulsory liquidation and expelled from the football league.

- CPFC2010 has said it would be unlikely to would continue with the purchase should the CVA be rejected or accepted and then subsequently challenged for any reason. It says it has no interest in acquiring the club's business and assets in contentious circumstances and wants the creditors' support so it can get on with running the club successfully next season. Because of this, the administrators believe approving the CVA is the only way unsecured creditors will get any money and Crystal Palace will survive as a football club.

The meeting takes place at Selhurst Park at 11.30am.