John Textor Sells Crystal Palace Stake to New York Jets Owner Woody Johnson: A Game-Changer for European Football?
John Textor sells his stake in Crystal Palace to New York Jets owner Woody Johnson, potentially impacting the club's European football aspirations.
John Textor, the part-owner of Crystal Palace, has signed an agreement to sell his stake in the club to Woody Johnson, the owner of the New York Jets. This deal, reportedly worth close to £190 million, is pending approval from the Premier League. The sale could have significant implications for Crystal Palace's participation in next season's Europa League.
The Deal and Its Implications
Sources close to the deal have confirmed that the transaction involves the sale of Textor's 43% stake in Crystal Palace, held through Eagle Football Holdings, his multi-club company. Johnson's offer was reportedly favored over others due to his ability to transfer funds quickly, a crucial factor given Crystal Palace's ongoing issues with UEFA regarding their eligibility for European competition.
UEFA's Scrutiny
Crystal Palace's qualification for the Europa League, earned by winning last season's FA Cup, is under threat due to Textor's involvement in Lyon, a French club that has also qualified for the Europa League. UEFA is currently assessing whether Crystal Palace violates its rules on multi-club ownership. The outcome of this assessment could determine whether Palace retains its spot in Europe.
Woody Johnson's Background
Woody Johnson, 78, is a former United States ambassador to the United Kingdom and has owned the New York Jets since 2000. As an heir to the Johnson & Johnson pharmaceutical empire, his net worth is estimated at £6.8 billion ($9.18 billion). Johnson's acquisition of Crystal Palace marks his first major foray into European football.
Other Interested Parties
Crystal Palace has also attracted interest from other American entities, including a Florida-based entertainment giant and a consortium involving NBA star Jimmy Butler. Additionally, Sportsbank, an investment vehicle previously linked to Eagle Football Holdings, has shown interest in making an offer.
The Road Ahead
UEFA is expected to make a decision on Crystal Palace's participation in the Europa League by the end of June. The sale of Textor's stake to Johnson could influence UEFA's final decision, potentially allowing Palace to compete in Europe next season.
For the latest updates on Crystal Palace, follow our dedicated news channel and stay tuned for more developments in this evolving story.
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