Italian reportedly close to Palace takeover (From This Is Local London)

Italian reportedly close to Palace takeover

10:25am Wednesday 10th March 2010 in

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Massimo Cellino, the president of Italian Serie A side Cagliari, is lining up a bid to take over Crystal Palace.

According to Italian newspaper Corriere della Sport, Cellino, who failed with an attempt to buy West Ham United last month, is deep in discussions with Palace's joint administrator Brendan Guilfoyle.

Cellino has been in charge at Cagliari, who are currently eighth in Serie A, since 1992 but has long held ambitions of being involved in English football.

Guilfoyle has set a deadline of this Friday for potential bidders to prove to him they have £10m in a UK solicitor's bank account before he decides on a preferred buyer for the club.