Textor advancing in talks over selling Palace shares
Crystal Palace part-owner John Textor is advancing in talks with New York Jets owner Woody Johnson to sell his stake in the Premier League side.The deal - understood to be worth in the region of £190m - could be key towards boosting the club's hopes of being cleared to play in Europe next season.Insiders with knowledge of the proposed deal have indicated that Johnson is ahead of two other parties in the race to purchase the 43% stake in Palace owned by Eagle Football Holdings – Textor's multi-club company.Sources insist a deal for Johnson to purchase Eagle's stake in the Selhurst Park club is yet to ratified, but is in its closing stages.It is understood that Johnson has indicated he can transfer the funds quickly, which is a crucial factor as to why the American businessman's offer is currently viewed as the most favourable given the predicament Palace find themselves in with Uefa regarding entry into next season's Europa League.Palace face losing their spot in next season's competition, earned after winning last season's FA Cup, due to Textor's perceived involvement in the club.European football's governing body Uefa are currently ascertaining whether Palace have breached their rules over multi-club ownership structures as Textor also holds a stake in French club Lyon, who have qualified for the Europa League next season.
Whether the process of Textor selling his stake in Palace influences Uefa's final decision remains to be seen.But it does provide an indication the businessman is open to severing ties with Palace, an eventual scenario that could allow the Premier League club entry into the Europa League.The other two parties in the running are unconfirmed but well-placed sources have indicated that a globally-renowned entertainment giant based in Florida have shown an interest, while another consortium that includes the NBA star Jimmy Butler also have a reported interest.Investment vehicle Sportsbank – who were named as the preferred bidder to buy into Eagle at a time Textor was looking for investment – have also shown an interest in making an offer.However, it is claimed that it would have taken around a month for Sportsbank to draw the financial contributions from their investors from the Middle East and the US which would not suit Textor's need for a quick sale to help aid Palace's case with Uefa.Sources claim that Johnson is best placed among the interested parties to pass the Premier League's owner's and directors test given his estimated £3.39bn fortune and his status as globally-renowned businessman. He is the heir to the Johnson & Johnson pharmaceutical company.Uefa are expected to make a decision on whether Palace can participate in the Europa League by the end of June.
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