This Tuesday Crystal Palace went into administration and were docked 10 points as a result of their unfortunate fall into the financial mire.
Its been no secret that Simon Jordan has been looking at attracting potential investors to the club after annoucing that he was looking to sell the club last year.
The club are £30million pounds in debt and are due in court on Wednesday next week to face a winding up order from HM Revenue and Customs.
Players wages have also had their payments delayed in November and December.
Despite their financial problems the Eagles have been flying high in the Championship and were only two points off the Play Offs before the midweek fixtures. The ten point deduction means Palace fall down to 21st place in the table, just three points from safety.
Before Wednesdays game against Newcastle at St James Park, Palace were on a fantastic run of only losing two out of their last 15 games and really starting to look like a force.
Players like Victor Moses and Darren Ambrose have been getting a lot of praise for their performances this season, Moses had been touted for a big money move to a big club over the past few weeks. The announcement of the club going into administration couldn't really of come at a worse time as Moses would've got the club a big enough fee to help them through the season but now the administrators are in control that fee could now be substancially reduced.
Neil Warnock is quoted to saying "The timing just astonishes me. There's a week to go in the transfer window and we are about to sell Victor Moses for millions. I'm devastated, shocked and hugely disappointed".
Other players like Ambrose and Julian Speroni could also be making their way out of Selhurst Park for reduced fees and would leave the club really up against it in a relegation dog fight when they really should be challenging for the play offs.
All this has been achieved despite the squad being so thin on the ground that on a few occassions the bench has been unable to be filled.
This isn't the first time Palace have struggled with money.
Simon Jordan originally saved the club from going into administration in 2000 and has gone on to secure the clubs future, including buying back the lease on Selhurst Park after a long fought battle against its previous owners.
Jordan has enjoyed a promotion to the Premiership in the 2003/04 season. Iain Dowie took a struggling Eagles side that were in the bottom 6 at Christmas and he guided them into the Play Offs and eventual Play Off glory that season. Palace were relegated on the last day by WBA, who were bottom at the start of the day, their first season in the top flight was short lived.
This has happened a week after other clubs debts have been publicised. Manchester United's debt has risen to £716million and Liverpool's debt is in excess of £500million.
It does make you wonder how massive clubs like this have to continually borrow money and plunge deeper into debt, yet they can continue to trade and pay out on big money transfers.
Smaller clubs like the Crystal Palace's, Leeds, Luton's, Darlington's etc are the grass roots of English football and provide a lot of youngsters with their first taste of professional football and if these clubs die out then we will just be left with the big clubs and no heart or soul left in our countries great leagues.
Is it time that clubs were made to sort out their finances and take accountabilty for their actions before the bubble bursts? Or is this the start of a decline and the beginning of clubs hitting the wall?
Only time will tell.
