John Textor also has a stake in French club Lyon, who have qualified for the Europa League next season 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 adeal was close between Textor and Johnsonfor the latter to purchase the 43% stake in Palace belonging to Eagle Football Holdings â 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 â which was named as the preferred bidder to buy into Eagle at a point last year when Textor was looking for investment â 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.
Textor to sell Palace stake to New York Jets owner
TruthLens AI Suggested Headline:
"John Textor Agrees to Sell Crystal Palace Stake to Woody Johnson"
Bbc News
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TruthLens AI Summary
John Textor, the part-owner of Crystal Palace and also a stakeholder in the French football club Lyon, has reached an agreement to sell his 43% stake in Crystal Palace to Woody Johnson, the owner of the New York Jets. This deal, valued at approximately £190 million, is pending approval from the Premier League. The sale is critical as Crystal Palace is currently facing scrutiny from UEFA regarding their eligibility to compete in the Europa League next season. The club earned their spot in the tournament by winning the FA Cup last season, but UEFA is investigating whether Textor's ownership in both Palace and Lyon constitutes a breach of their rules concerning clubs under common ownership participating in the same European competition. The decision on Palace's European participation is expected to be made by the end of June, and it remains uncertain whether the sale will impact UEFA's ruling.
Woody Johnson, who has been the owner of the New York Jets since 2000, is a prominent figure in American business, with an estimated net worth of £6.8 billion according to the Bloomberg Billionaires Index. His ability to quickly transfer funds played a significant role in making his bid more appealing compared to other interested parties. In addition to Johnson's bid, there have been reports of interest from other American investors, including a notable entertainment giant based in Florida and a consortium that features NBA star Jimmy Butler. As the sale progresses, the involvement of multiple interested parties highlights the growing interest in Crystal Palace, especially given the club's current position in European football. The outcome of this sale and subsequent UEFA decision could significantly influence the club's future in both domestic and European competitions.
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