At a guess, I think Tony Blooms Uncle and Grandfather who were previously on the board, not as owners or Chairmen, possible did not have finances available themselves to pay off the club debts. Much like Prince Charming and the fab four haven't got the financial clout to pay for all the cladding...
It was a shame that Tony was only in his early twenties and had not made his fortune when we had to sell our ground to pay off all our debts. But at least we had a ground to sell, which enabled us to avoid the embarrassment of paying the debts off at a penny in the pound, even if it meant years...
I suggest you read this 5 page thread "Preparing for Europe" and then say it wasn't even a tiny thought in the some of the tiny minded Palace fans.
http://www.cpfc.org/forums/showthread.php?t=261887
And to back it up maybe with this thread
http://www.cpfc.org/forums/showthread.php?t=261279