Insolvency specialists P&A Partnerships have been appointed to find a buyer for Crystal Palace, the championship football club. The club is the latest victim from the world of sport to succumb to the financial crisis, owing around £20m to its creditors and HMRC.

Guardian: Neil Warnock and his squad were in a plane en route to St James’ Park for tonight’s match at Newcastle United when the club were suddenly placed into administration by their creditors, hours before they were due in the high court to face a winding-up order from Her Majesty’s Revenue and Customs over an unpaid £1.2m tax bill.

According to the report, chairman, Simon Jordan, has been late paying players and staff twice in as many months. He apparently bought the club in 2000 for £10m after selling his mobile phone company and has invested a further £25m since.

So unless you own an oilfield in Siberia, resist temptation.