Palace Confirms American Investment

21 Dec 2015 | tshego

Share on

Premier League side Crystal Palace has confirmed American businessmen David Blitzer and Josh Harris have acquired a large stake in the football club.

The pair will join chairman Steve Parish in control at the club, with the chairman stating that the shareholders had agreed an “initial £50m injection of capital” to develop Selhurst Park – the club’s stadium.

Talks between the club and businessmen have been ongoing for over a year and will see Harris, Blitzer and Parish each owning an 18% stake in the club. Parish’s partners, Stephen Browett, Jeremy Hosking and Martin Long will have smaller stakes.

Blitzer and Harris are currently co-owners of National Basketball Association (NBA) franchise the Philadelphia 76ers as well as the New Jersey Devils National Hockey League (NHL) ice hockey team.

“The deal will see chairman Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure,” the club announced. “They will be joined by a number of other investors in a limited partnership.

“All shareholders have agreed an initial £50m injection of capital for the development of the stadium, with more to follow. This will give fans the first-class facilities they deserve.”

“I’m delighted that Josh and David have agreed to make this investment and join me in shaping the future of Crystal Palace,” added Parish.

In a joint statement, Harris and Blitzer said: “We couldn’t be more excited to be joining the Crystal Palace family. We were drawn to the club’s rich history, exciting brand of football, strong leadership and, above all, its passionate fans.

“We look forward to supporting Steve in his role as the operating co-owner and leader of the club. Crystal Palace has a storied legacy, a bright future and we’re proud to become a part of it.”