Crystal Palace chairman Simon Jordan has rubbished rumours Selhurst Park is going to be sold for a housing development - and announced his plan to buy it from the current landlord.

A national newspaper story this week said the stadium's owners had instructed property agents Mason & Partners to sell the ground. The report said Selhurst Park offered "considerable opportunity for a major mixed-use redevelopment."

But Mr Jordan told the Croydon Guardian there was no truth in the story and that he was considering consulting his lawyers about it.

He said: "The article is a load of utter nonsense. Mason and Partners work for me, not the landlord Paul Kemsley, and they have been for 15 months.

"I have been trying to do a deal on the stadium for some time, but with the credit crunch on the market at the moment it has been difficult, but I have now agreed a deal with Paul which will be announced shortly and I have no further comment to make until it is."

The negotiations are Crystal Palace's attempt to take control of the stadium and bring it up to modern standards. The much loved ground is in desperate need of a makeover and fans are eager to the work started.

At a press conference in 2006 Mr Jordan said he had used a third party to buy it from former owner Ron Noades, who bought it in 1981.

It is believed Mr Kemsley's property company, Rock Investments, was used to complete the transaction and that the contract would be transferred to Mr Jordan. It has taken 16 months to thrash out the deal, but the Eagles chairman said it was about to be finalised.

Crystal Palace fans were quick to react to the rumours that the stadium was to be sold and many voiced their concerns.

Speaking about the national newspaper story Chris Hollis, a former Carshalton man from Bristol, said: "I was not very happy about the news that the ground could be sold."

Rob des Forges, 23, a member of the Crystal Palace Ambassadors Club from Haringey, said: "My main worry is how the club is going to finance somewhere for us to call home in the future. Having been a fan for my entire life I fully remember the dark days of administration Simon Jordan saved us from and would hope the club learnt its lesson and not risk going back."

In a contribution to the fansite holmesdale.net a supporter called Dave Smith was more optimistic. He wrote: "I can't see Simon Jordan stitching us up. He will be aiming to do the best for the club."

Another fan calling himself Sussexbasedpalace felt that a change would be good. "It would be sad to lose Selhurst as our home, but the writing has been on the wall for some time and new glossy surroundings will be most welcome."