New York Jets owner buys Crystal Palace stake
Crystal Palace have agreed a deal for part-owner John Textor to sell his stake in the club to New York Jets owner Woody Johnson.
The deal, believed to be worth close to £190m, is subject to Premier League approval.
Textor is selling the 43% stake in Palace belonging to Eagle Football Holdings, his multi-club company. It has been indicated that the American businessmen have already signed documents to confirm the sale.
The takeover must be cleared by the Premier League, including Johnson passing the owners’ and directors’ test.
The sale comes as Crystal Palace face uncertainty with UEFA regarding their entry into next season’s Europa League. Palace could lose their spot in Europe 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.
UEFA is expected to make a decision on whether Palace can participate in the Europa League by the end of June. The sale to the New York Jets owner is likely to be ratified by the Premier League within four weeks.
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