Textor to sell Palace stake to New York Jets owner
Crystal Palace part-owner John Textor has signed an agreement to sell his stake in the club to New York Jets owner Woody Johnson, sources close to the deal have confirmed.The deal, believed to be worth close to £190m, is subject to Premier League approval.It remains to be seen whether the deal boosts Palace's fight to be cleared to play in European football next season.BBC Sport reported on Thursday that a deal was close between Textor and Johnson for the latter to purchase the 43% stake in Palace belonging to Eagle Football Holdings – the multi-club company owned by Textor.Insiders with knowledge of the negotiations have now indicated that the American businessmen have signed documents to confirm the sale.The takeover must be cleared by the Premier League, including Johnson passing the owners' and directors' test.It is understood that Johnson indicated he can transfer the funds quickly, which is believed to have been a crucial factor in why his offer was viewed as the most favourable ahead of two other interested parties, given the predicament Palace find themselves with Uefa regarding their entry into next season's Europa League.Palace could lose their spot in Europe, earned by winning last season's FA Cup, on the basis of Textor's perceived involvement at Selhurst Park.European football's governing body Uefa is ascertaining whether Palace breach its rules regarding teams under one multi-club ownership structure competing in the same European competition, given Textor has a stake in French club Lyon, who have also qualified for the Europa League.
It remains to be seen whether the process of Textor selling his stake in Palace influences Uefa's final decision.Johnson, 78, is a former United States ambassador to the United Kingdom who bought the NFL's New York Jets in 2000.He is one of the heirs of the Johnson family that founded the Johnson & Johnson pharmaceutical company.The Bloomberg Billionaires Index estimated his wealth at about £6.8bn ($9.18bn) in 2024.Palace have drawn interest from other parties in America, too.Well-placed sources have indicated that a globally renowned entertainment giant based in Florida has shown an interest, while another consortium that includes the NBA star Jimmy Butler has also been linked.Sources close to investment vehicle Sportsbank – which was named as the preferred bidder to buy into Eagle at a point last year when Textor was looking for investment – have also shown an interest in making an offer.Uefa is expected to make a decision on whether Palace can participate in the Europa League by the end of June.
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