JOHN TEXTOR has agreed to sell his Crystal Palace shares in a bid to end their Europa League limbo.
American billionaire and New York Jets owner Woody Johnson has agreed to become Palace’s largest shareholder by snapping up Textor’s 43 per cent stake in a £190million deal.
John Textor has agreed to sell his Crystal Palace shares
American billionaire and New York Jets owner Woody Johnson will become Palace’s largest shareholder
Johnson will have the same 25 per cent voting share alongside Steve Parish, Joshua Harris and David Blitzer
Palace’s place in the Europa League has been under threat due to Textor’s ownership of Lyon
Palace’s place in the Europa League next season has been under threat due to Textor’s ownership of Lyon, who have also qualified.
The American’s role across both clubs could have been a breach of Uefa rules and Palace were expecting a ruling on Friday.
But Textor‘s sale, which is subject to approval by the Premier League, should clear the path for Palace to play in Europe.
Johnson, 78, will have the same 25 per cent voting share alongside Steve Parish, Joshua Harris and David Blitzer.
He has long held an interest in buying a Premier League club and rivalled Todd Boehly and Clearlake Capital for Chelsea in 2022.
Johnson is a former US ambassador to the UK, having held the post during Donald Trump’s first term in office, and is a close friend and financial backer of the American President.
Palace’s senior figures have been meeting with Uefa in a bid to avoid being dumped out of the Europa League.
Textor confirmed after a meeting in Switzerland that he was exploring selling his stake, having tried to do so last year as part of a failed bid to buy Everton.
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The deal with Johnson was signed over the weekend in the United States.
In a statement, Crystal Palace said: “Crystal Palace Football Club can confirm that Robert Wood Johnson, “Woody”, an American businessman and co-owner of the New York Jets, has signed a legally binding contract to purchase Eagle Football’s holding in the club.
“Whilst the completion is pending approval from the Premier League and Women’s Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club.
“We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future.”
Textor had long complained about a lack of influence or control at Selhurst Park, with he and chairman Parish enduring a strained relationship.
Palace qualified for the Europa League thanks to their historic FA Cup win over Manchester City.
But they could have been barred from the Europa League as Lyon would have been given precedence having finished higher in their domestic league.
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