Controversial US billionaire buys stake in Crystal Palace to stave off threat of European expulsion
The US billionaire Woody Johnson has bought the crucial John Textor stake in Crystal Palace, leaving the road clear for the club to play in the Europa League next season.
Johnson, understood to have paid around £200 million, has bought 42.9 per cent of the club previously owned by US investor Textor.
The deal was struck over the weekend and should satisfy Uefa there are no multi-club issues that could prevent Palace, the FA Cup winners, playing in Uefa competitions. It is subject to approval by the Premier League and its owners and directors' test. Clarification over Palace's eligibility to play in Europe next season is expected by Uefa soon.
Johnson is a major new figure to enter the Premier League ownership world, his family controlling the famous NFL franchise the New York Jets.
Johnson, 78, is viewed as a controversial figure in US sport, with the Jets facing scrutiny last year following reports of 'controversial and dysfunctional practices' under his watch.
He bought the Jets in 2000, with the NFL franchise now estimated to be worth around $6.9 billion. The Jets' $1.6 billion MetLife Stadium will host next year's World Cup final.
Johnson is also well-known in UK politics. The long-time Republican Party donor was appointed as US ambassador to the UK during Donald Trump's first term. His brother, Christopher, took over Jets operations during his post. The American businessman has long been interested in buying a Premier League club, having made enquiries over acquiring Chelsea in 2022.
The development takes Textor out of the picture, leaving chairman Steve Parish, original US investors Josh Harris and David Blitzer, to run the club with Johnson as a supportive partner.
Palace faced the threat of expulsion from the Europa League having been caught in the web of multi-club ownership because of an administrative error. Textor had neglected to place his shares in Ligue 1 Lyon in a blind trust by the early March deadline in order to comply with Uefa rules on multi-club ownership.
Palace's three other owners have made their case to Uefa this month that there was no multi-club issue - they shared no recruitment, or sporting infrastructure with Lyon or indeed any other club in Textor's Eagle Football group.
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