Exclusive - Sheffield Wednesday will not benefit if Palace are pushed out of existence

There were suggestions that the Owls could have been reprieved from relegation to League One next season if Palace go out of business today.

But a Football League spokesman told the Yorkshire Post last night their rules mean if Palace are liquidated, then the Championship would operate with just 23 clubs next season.

The spokesman said as the Championship play-off final had been played, the season was effectively over and any relegation issues would stand.

Two ways the Football League could have found a replacement for Palace would have been to keep third-bottom Wednesday in the Championship next season, or promote losing League One play-off finalists Swindon Town.

A knock-on effect in the lower leagues might have seen Rotherham United and York City also having a claim as losing finalists in their respective divisional play-offs.

As it is, if Palace are placed in liquidation today, then Wednesday will still be starting life in the third tier of English football next season.

Palace have been told they face liquidation unless the consortium attempting to buy the stricken club can complete the deal by this afternoon.

CPFC 2010, the group headed by local businessmen Steve Parish and Martin Long, claim they have until 3pm to secure their takeover or Agilo, the hedge fund which put Palace into administration in January, will begin selling off players and dissolving the club.

The consortium, whose bid to save the club has stalled over the sale of their Selhurst Park ground, have even called on Prime Minister David Cameron to intervene with the south London club on the brink of going out of business.

Selhurst Park is currently under the control of separate administrators Pricewaterhouse

Coopers, who are selling the ground on behalf of Bank of Scotland.

The sticking point appears to be a clause in the deal which would see the bank receive further money if the ground was sold on in the future.

Palace avoided relegation to League One on the final day of the season when a 2-2 draw with Wednesday sent the Yorkshire team down instead. But Brendan Guilfoyle, the administrator running the club, made 29 members of staff redundant on Friday and does not have the money to pay the wages for May.