Latest news with #SteveParish
Yahoo
11 hours ago
- Business
- Yahoo
Crystal Palace's Europa League hopes increase as Johnson closes on £190m deal
The New York Jets owner, Woody Johnson, is closing in on a deal to buy John Textor's shares in Crystal Palace in a move that could help the FA Cup winners' chances of playing in next season's Europa League. Johnson, who has owned the Jets since 2000, offered £190m for Textor's 44.9% stake in the south London club last week, while the American is also believed to have received two similar bids from separate investors in recent days. But it is understood that despite being significantly below his valuation of around £240m, Textor is edging towards concluding a deal with Johnson and is now said to be ready to move on to invest in another club in English football after accepting defeat in his boardroom battle with the club's chair, Steve Parish. Advertisement Related: Crystal Palace stun Manchester City to win FA Cup amid drama and Henderson controversy He is believed to be under increasing pressure from Parish and Palace's other co-owners – Textor's fellow Americans Josh Harris and David Blitzer – to complete the sale as quickly as possible as it is thought that would be looked on favourably by Uefa, with European football's governing body expected to announce before the end of June whether the Palace will be allowed to compete in the Europa League. All four Palace co-owners were part of the club delegation that attended a meeting at Uefa's headquarters in Nyon this month and argued that Textor, the majority shareholder in the French club Lyon, who have also qualified for the Europa League, does not have a decisive influence at Selhurst Park despite being the largest shareholder. Uefa rejected attempts by Textor and Blitzer to place their shares in a blind trust because they missed the 1 March deadline. Blitzer's Danish club, Brøndby, have qualified for the Conference League. It is understood that Johnson is considered the most viable option of the three bids on the table, with his status as the former US ambassador to the UK and the heir to the Johnson & Johnson pharmaceutical fortune making it likely he would pass the Premier League's owners' and directors'test without any issues. According to a source close to Textor, the other interested parties are a consortium that includes the NBA star Jimmy Butler and another private investor from the US. Advertisement Related: Nottingham Forest complain to Uefa over Crystal Palace's European place The offer from Johnson also has the backing of Parish, who was spotted with the 78-year-old friend of Donald Trump at Palace's game against Nottingham Forest at Selhurst Park last month. Palace are understood to remain confident they will be cleared to participate in the Europa League, although Forest could appeal to the court of arbitration for sport after they wrote to Uefa last week raising concerns about a potential breach of multi-club ownership rules by Palace. Forest, whose owner, Evangelos Marinakis, is close to Textor, would stand to be promoted from the Conference League if Palace are banned by Uefa. It was reported on Sunday that Textor had listed his holding company Eagle Football – which also owns the Brazilian side Botafogo and the rebranded Belgian team Daring Brussels (formerly RWD Molenbeek) – for an initial public offering in the US, with a draft registration statement having been sent to the US Securities and Exchange Commission. Neither the volume nor prices of the shares to be listed has been revealed but it is expected to go public in September. Textor has previously held talks over investing in Watford.
The Guardian
12 hours ago
- Business
- The Guardian
Crystal Palace's Europa League hopes increase as Johnson closes on £190m deal
The New York Jets owner, Woody Johnson, is closing in on a deal to buy John Textor's shares in Crystal Palace in a move that could help the FA Cup winners' chances of playing in next season's Europa League. Johnson, who has owned the Jets since 2000, offered £190m for Textor's 44.9% stake in the south London club last week, while the American is also believed to have received two similar bids from separate investors in recent days. But it is understood that despite being significantly below his valuation of around £240m, Textor is edging towards concluding a deal with Johnson and is now said to be ready to move on to invest in another club in English football after accepting defeat in his boardroom battle with the club's chair, Steve Parish. Sign up to Football Daily Kick off your evenings with the Guardian's take on the world of football after newsletter promotion He is believed to be under increasing pressure from Parish and Palace's other co-owners – Textor's fellow Americans Josh Harris and David Blitzer – to complete the sale as quickly as possible as it is thought that would be looked on favourably by Uefa, with European football's governing body expected to announce before the end of June whether the Palace will be allowed to compete in the Europa League. All four Palace co-owners were part of the club delegation that attended a meeting at Uefa's headquarters in Nyon this month and argued that Textor, the majority shareholder in the French club Lyon, who have also qualified for the Europa League, does not have a decisive influence at Selhurst Park despite being the largest shareholder. Uefa rejected attempts by Textor and Blitzer to place their shares in a blind trust because they missed the 1 March deadline. Blitzer's Danish club, Brøndby, have qualified for the Conference League. It is understood that Johnson is considered the most viable option of the three bids on the table, with his status as the former US ambassador to the UK and the heir to the Johnson & Johnson pharmaceutical fortune making it likely he would pass the Premier League's owners' and directors'test without any issues. According to a source close to Textor, the other interested parties are a consortium that includes the NBA star Jimmy Butler and another private investor from the US. The offer from Johnson also has the backing of Parish, who was spotted with the 78-year-old friend of Donald Trump at Palace's game against Nottingham Forest at Selhurst Park last month. Palace are understood to remain confident they will be cleared to participate in the Europa League, although Forest could appeal to the court of arbitration for sport after they wrote to Uefa last week raising concerns about a potential breach of multi-club ownership rules by Palace. Forest, whose owner, Evangelos Marinakis, is close to Textor, would stand to be promoted from the Conference League if Palace are banned by Uefa. It was reported on Sunday that Textor had listed his holding company Eagle Football – which also owns the Brazilian side Botafogo and the rebranded Belgian team Daring Brussels (formerly RWD Molenbeek) – for an initial public offering in the US, with a draft registration statement having been sent to the US Securities and Exchange Commission. Neither the volume nor prices of the shares to be listed has been revealed but it is expected to go public in September. Textor has previously held talks over investing in Watford.
Daily Mail
6 days ago
- Business
- Daily Mail
Crystal Palace receive boost in bid to play in Europe next season as UEFA chiefs deliberate over decision amid questions over FA Cup winners' ownership structure
Crystal Palace 's hopes of staying in Europe have been given an apparent boost after UEFA bosses asked the club to submit more information. Officials in Switzerland are understood to have requested that Eagles bosses further outline the ownership and decision-making structure at Selhurst Park ahead of a decision over whether to expel them from next season's Europa League. Mail Sport revealed that delegates from Palace had to attend a high-stakes meeting at UEFA headquarters earlier this month, as they seek to avoid falling foul of rules on multi-club ownership. The FA Cup winners' historic place is at risk because John Textor, whose company owns 43 per cent of the club, is the majority owner at French side Lyon. Textor, Palace chairman Steve Parish and other execs told a panel that the American businessman was not in a position of influence and did not make decisions on behalf of the club, given his stake comes with just 25 per cent of voting rights. As such, they feel there is no breach of UEFA rules. Following the meeting, Textor told this newspaper that he had no control and that he was seeking to sell Eagle Football Holdings' stake in the club to ensure they could compete in the competition. Crystal Palace's Europa League hopes have been boosted amid concerns over breaches of multi-club ownership rules The FA Cup winners' spot is in doubt because John Textor, whose company owns 43 per cent of the club, also holds a majority stake in Lyon It is understood there are three interested parties – a consortium including NBA star Jimmy Butler, New York Jets owner and former US ambassador to the UK Woody Johnson and a third, previously unknown group, thought to be US-based, global and big players in the entertainment industry. Textor is thought to be willing to sell for £175m, which values the club at less than a previous offer from himself for total control. However, if Palace officials can persuade UEFA that Textor does not carry a key influence then there may well be no need for a sale. A decision is due later this month and those with knowledge of the situation believe UEFA are keen to find a solution. Should Palace prevail, there may well be a legal challenge from Nottingham Forest, who would be 'promoted' from the Europa Conference League to the Europa League if they were expelled.
The Guardian
12-06-2025
- Business
- The Guardian
Woody Johnson makes £190m bid for Textor's Crystal Palace shares as Uefa delays decision
The New York Jets owner, Woody Johnson, has offered £190m to buy John Textor's stake in Crystal Palace. The move comes with Uefa expected to delay until the end of the month a decision on whether the club will be allowed to compete in next season's Europa League. The offer from Johnson, the former US ambassador to the UK, has the backing of Palace's co-chair Steve Parish and is believed to be under consideration by Textor despite falling significantly short of his valuation of about £240m for his 44.9% stake. That figure is based on his failed attempt to buy out Parish and his fellow co-owners Josh Harris and David Blitzer in April, when a £550m bid was rebuffed. Textor is understood to be prepared to accept up to £50m less than his valuation after Harris and Blitzer turned down an opportunity to buy his stake at the discounted price. A consortium that includes the NBA star Jimmy Butler and Sportsbank, which has held talks with Textor about investing in Palace, is also in the frame. All four Palace co-owners were part of the club delegation that attended a meeting at Uefa's headquarters in Nyon this month and argued that Textor, the majority shareholder in the French club Lyon, who have also qualified for next season's Europa League, does not have a decisive influence at Selhurst Park despite being the largest shareholder. As reported by the Guardian, Uefa rejected attempts by Textor and Blitzer to place their shares in a blind trust because they missed 1 March deadline. Blitzer's Danish club, Brøndby, have qualified for the Conference League. A decision on Palace had been expected imminently but sources at Uefa have indicated its club financial control body (CFCB) would like more time to consider the case, with the end of June regarded as more realistic. That could give Textor an opportunity to complete a sale – a move that would also be viewed favourably by Uefa – although he is believed to be reluctant to rush through a deal having spent about £180m since purchasing his original 40% stake in August 2021. Palace are understood to remain confident they will be cleared to participate in the Europa League having been in regular contact with the CFCB since their meeting in Nyon. But if they do get the green light, Nottingham Forest could appeal to the court of arbitration for sport after they wrote to Uefa this week raising concerns about a potential breach of multi-club ownership rules by Palace. Forest, whose owner, Evangelos Marinakis, is close to Textor, would stand to be promoted from the Conference League if Palace are banned by Uefa. Brighton would then be in line to take Forest's Conference League place after finishing eighth in the Premier League. Sign up to Football Daily Kick off your evenings with the Guardian's take on the world of football after newsletter promotion It is understood Brighton have no intention of making a complaint to Uefa and would be unlikely to join Forest in any legal action to prevent Palace, their arch-rivals, from competing in Europe.
Daily Mail
11-06-2025
- Business
- Daily Mail
John Textor offers to sell his majority stake in Crystal Palace to prevent the club being kicked out of Europe - as American's asking price is revealed
John Textor is willing to sell his majority stake in Crystal Palace for £175m – and put an end the club's European crisis. Mail Sport understands that the American, whose ownership of French side Lyon has placed the Eagles' historic Europa League place at risk, has offered his stake to his fellow co-owners in a last-ditch bid to ensure the club does not fall foul of UEFA's rules. The figure, for Textor's Eagle Football Holdings' 43 per cent share, is understood to value Palace at significantly less than the amount Textor himself offered to buy out his three fellow directors earlier this year, according to sources with knowledge of the situation. The development is the latest in a high-stakes situation, as the the clock ticks towards a conclusion. Last week, this newspaper revealed that a delegation from Palace jetted to UEFA's headquarters in Switzerland last week to plead their case. It is thought that a key element of their argument was that while Textor holds the majority stake, he is only entitled to 25 per cent of the voting rights and as such is not in a position of influence. However, that may well not be enough to satisfy UEFA chiefs – with a rapid sale now being viewed in certain quarters as the only way out. Palace chairman Steve Parish also holds 25 per cent of the voting rights along with two other partners, the Americans Josh Harris and David Blitzer. Harris and Blitzer would be the two most likely to buy Textor out and it is thought that Woody Johnson, the owner of the NFL's New York Jets and former US ambassador to the UK, may yet become involved. Textor's asking price is thought to be more than £50m less than the revenue-multiplied-by-three formula often used to value business. Palace unexpectedly qualified for the Europa League thanks to their shock FA Cup victory over Manchester City. Other clubs with similar models often put their ownerships into a 'blind trust', to avoid any issues with UEFA's rules. However, at the March cut-off for submissions, the prospect of Palace qualifying for Europe was unlikely at best. Should the situation not be resolved Textor's Lyon would take the Europa League slot as they finished higher in their domestic league. To exacerbate the situation, Blitzer's Brondby would then take the Europa Conference spot for the same reason as he also failed to spot the potential issues. Nottingham Forest would be elevated from the Conference League to the Europa League while Palace's rivals Brighton would take a slot in the Conference League. Palace have until June 24 to present their final case to UEFA officials, who are then expected to take around a week before reaching a verdict. Should they not be satisfied with the ruling, Palace could appeal to the Court of Arbitration for Sport, as could the other clubs involved in what is a complex situation. Suich a scenario is not unlikely given what is at stake.
