CRYSTAL PALACE have officially come out of recession after seven months.

The club went into administration in January, after the club’s former owner and chairman Simon Jordan was unable to pay the player’s wages, having run into liquidity problems after a botched attempt at selling the club.

Ironically, Jordan himself saved the club from administration when he took over in 2000.

Now, however, the club’s administrator Brendan Guilfoyle has given Palace the all-clear – meaning that the Football League has also lifted a transfer embargo it had put on the club last summer for not making a transfer payment.

The club only just about manager to avoid relegation from the Championship after incurring a ten-point penalty as a result of the administration proceedings, with a last-day draw at Sheffield Wednesday keeping the Eagles flying for another year.

Palace have now been taken over by a supporters’ consortium, CPFC 2010, which has bought the club and its Croydon training facility.

The new owners and manager, George Burley, hope to celebrate the green light by attracting former Dutch captain Edgar Davids to Selhurst Park for the remainder of the season.

“It is not going to be a financial thing with Edgar, it is a challenge for him and one he is seriously considering,” Burley told the BBC.

“Hopefully he does come because it would certainly be an interesting scenario if he joined us and the players would certainly like to see it happen.”

Davids is currently a free agent, and played for Tottenham Hotspur for two years in the middle of the last decade. He is understood to be negotiating a pay-as-you-play deal with the club.