Crystal Palace will find out on Monday if they can play in the Europa League this season – with the decision impacting the Eagles’ upcoming campaign, transfers and futures of key stars.

The Court of Arbitration for Sport (CAS) will announce its decision after Palace appealed against their demotion to the Conference League for allegedly breaking UEFA’s multi-club ownership rules.

Palace ended up in this situation through their former shareholder John Textor, who is the majority owner of Lyon. The French club’s qualification for the Europa League and his failure to put his Palace shares in a blind trust by the March 1 deadline led to Palace being demoted to the Conference League by UEFA.

If Palace win the appeal, they will be play in the Europa League – which was their original prize for winning May’s FA Cup final.

If they lose, Nottingham Forest – who reported Palace to UEFA earlier this year for not complying with the multi-club ownership rules – will take their place.

Palace chairman Steve Parish attended a 10-hour hearing in front of three CAS judges in Lausanne on Friday. He confirmed that Palace would play in the Conference League if the decision goes against them, but is confident that “common sense will prevail” and the Eagles will end up in the Europa League.

“It should do,” Parish told Sky Sports News after Palace beat Premier League champions Liverpool in the Community Shield at Wembley. “If there’s any justice in the world, it will do.

“I haven’t spoken to anybody yet who really thinks that we shouldn’t have our Europa League place.

“We have put forward a very compelling case across a number of issues, I trust the Court of Arbitration comes to the right decision. It’s a strange process but one that very weirdly pits clubs against each other in some way.

“But I think we should be in the Europa League. I think everybody outside of a very few people think we should be in the Europa League. Common sense should prevail and that’s where we should be. Let’s hope that’s the decision.”

Palace goalkeeper Dean Henderson is expecting the sporting authorities to overturn the decision to demote the Eagles from the Europa League.

“Absolutely, 100 per cent,” said the goalkeeper to Sky Sports News after Sunday’s Community Shield win over Liverpool. “As players we win it on the pitch, we expect the authorities to deliver what we’ve won and I think every neutral person will agree with us.

“You also don’t want to devalue the FA Cup as well, it’s a tough competition to win and you should get what you deserve on the back of that.”

A £20m decision that impacts Palace’s key stars

Relegation to UEFA’s third-tier competition would mean a revenue loss of up to £20m and Palace could claim compensation in the European courts. Palace may also consider suing former shareholder Textor for damages.

Losing the appeal may also make it more difficult for Palace to hold onto in-demand players such as Eberechi Eze, Marc Guehi and Jean-Philippe Mateta..

“Players come and go in football clubs. I mean it’s a life cycle isn’t it?” added Parish on Sunday. “Hopefully they’ll still be here, that’s what I’d like.”

Monday’s CAS decision is likely to be followed by significant transfer activity as Palace will finally know which European competition they will be playing in this season.

“If somebody needs a break – such as Daichi Kamada [who was injured] today and maybe we will miss him at Chelsea – and we need just maybe need to add one or two players,” said Eagles head coach Oliver Glasner after beating Liverpool at Wembley.

“It’s not that I have to tell the chairman or somebody, we know it is about finding the right ones. I’m pretty sure we will find the right ones.

“We’re looking for really clear profiles, great characters, you can see the spirit and the togetherness in the group.”

The Europa and Conference League draws are in Monaco on August 29. If Palace are in the Conference League, they will play a two-legged play off against Fredrikstad or Midtjylland on August 21 and 28.

And in a further twist, Palace’s first home Premier League game of the season is against – of all teams – Nottingham Forest on Sunday August 24, live on Sky Sports Super Sunday.

A timeline of Palace’s European situation

March 1: UEFA’s deadline passes for clubs in multi-club groups to change their ownership structure.

At that point, Crystal Palace were 12th in the Premier League and in the FA Cup fifth round – a competition that still had Manchester City, Newcastle, Manchester United, Brighton, Nottingham Forest and Fulham in it.

April 30: It is revealed Evangelos Marinakis has removed himself from control of Nottingham Forest, putting his shares into a blind trust when it looked like Forest would qualify for the Champions League alongside Olympiakos, also owned by the Greek billionaire.

May 17: Crystal Palace win the FA Cup by beating Manchester City 1-0, thereby qualifying for the Europa League.

On the same day, Lyon qualify for the Europa League on the final day of the Ligue 1 season. However, Lyon face the prospect of UEFA sanctions for failing to meet spending rules.

May 25: Forest fail to qualify for the Champions League on the final day of the Premier League season but reach the Conference League instead, so Marinakis takes back control of the club.

June 3: UEFA meet with Palace executives in Switzerland to discuss whether the Eagles are able to play in Europe next season. John Textor and Steve Parish attend the meeting to fight Palace’s case.

June 9: It is revealed Forest have written to UEFA warning that Palace could be in breach of UEFA’s multi-club ownership rules.

June 25: It is announced that Lyon have been relegated from Ligue 1 after failing to convince authorities they have resolved their financial difficulties. The French club immediately say they will appeal the decision.

July 9: Lyon’s appeal is upheld, meaning they are reinstated to Ligue 1 and their spot in the Europa League is confirmed – bringing back doubt about Palace’s Europa League spot.

July 11: Palace’s demotion to the Conference League is announced by UEFA. The Eagles say they will appeal the decision through the Court of Arbitration for Sport (CAS).

August 8: The CAS appeal begins in Lausanne, Switzerland – exactly one week before the start of the new Premier League season.

August 11: A decision on Palace’s appeal is expected.