Crystal Palace will not be able to sign any players for at least a month despite the successful outcome of a Creditors Voluntary Agreement this morning.
A deal of 1.9p in the pound was put forward by Palace administrators P & A Partnership to all the club's creditors - 93.1 per cent of whom agreed to it.
Only Her Majesty's Revenue and Customs rejected the proposals, which they always do.
Despite the overwhelming support, HMRC now have 28 days in which they can appeal the decision and take it to the courts.
During that time Palace are still in administration and therefore under a transfer embargo and unable to sign anyone.
With only 10 senior professionals still on the books plus a few youngsters on professional deals, the Eagles face the prospect of going through pre-season with a threadbare squad.
They can apply for special dispensation to sign players though if, come the start of the season, their squad numbers less than 20.
There is also the possibility new manager George Burley will try to arrange deals with players and get them to agree to join the club, but they will not be able to sign officially until the appeal time has passed or is dismissed and the Football League grants new owners CPFC 2010 the Football Share.
Palace should know next week whether HMRC intend to appeal.
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