Crystal Palace have been officially confirmed as a Premier League club for the 2013/14 season.
Ten days after sealing a return to English football’s top flight after beating Watford in the Championship Play-Off Final, the Eagles were welcomed into the Premier League at its Annual General Meeting, which took place in Darlington yesterday.
One of the procedures that takes place in the formal end of season meeting is to confirm the relegated and promoted teams, through the transfer of shares between the six clubs.
The Premier League is a private company wholly owned by its 20 member clubs, who are all shareholders.
It meant that Reading, QPR and Wigan Athletic officially gave up their shares in the league, with Palace, Championship winners Cardiff City and second-placed Hull receiving their equal stakes.
In contrast to a normal commercial company, the Board of Directors has less power to manage the Premier League's affairs, with shareholders given a more active role in the decision-making process, being consulted on all significant commercial and operational decisions.
These include the Premier League’s stance on matters including youth development, governance, solidarity payments to clubs and changes in media facilities at stadia.
Crystal Palace were formally welcomed into the Premier League by its new chairman, Anthony Fry, who awarded co-chairman Steve Parish and chief executive Phil Alexander with their framed share certificate.
Eagles fans will now be eagerly awaiting the Premier League fixture list for the 2013/14 season, which is released on Wednesday 19th June.