Woody Johnson, owner of the New York Jets, has reached a £190 million ($254 million) deal to buy 43% of Crystal Palace FC. The deal still needs Premier League approval before becoming final.
The price shows a big jump from 2021, when John Textor bought his portion for £87.5 million. The deal can only go through if it meets strict Premier League ownership requirements.
This deal fixes a big headache for the London club. UEFA doesn't allow teams with the same owner to play in their competitions. Since Textor also owns Lyon in France, Palace's place in next year's Europa League was at risk after their incredible FA Cup win.
The team's management setup stays pretty much the same. Steve Parish keeps running things as chairman with his 10% share, while Americans Josh Harris and David Blitzer keep their 18% pieces. Robert Franco still holds his 5% stake.
Johnson brings some serious credentials to Palace. He spent four years as America's man in Britain, serving as U.S. ambassador from 2017 to 2021. He's shown interest in English football before, having tried to buy Chelsea FC during the Abramovich fallout.
The club might see some new money coming in. Playing in Europe could really boost their income next season. While they've stayed out of debt under current owners, they haven't won any major trophies.
Textor's departure changes his football portfolio. His Eagle Football Holdings still runs teams in three countries - Lyon, Brazil's Botafogo, and Belgium's RWD Molenbeek. He didn't manage to put his shares in trust by UEFA's March cutoff.
Selhurst Park has seen improvements lately. Since 2021, they've put good money into fixing up the stadium, kicked off by Textor joining as co-owner.
The big price tag makes sense given Palace's success. Their surprise FA Cup victory over Manchester City, plus possible European games, have made the club worth more.
Things stay steady at the top. While Johnson comes in as investor, the current team keeps handling day-to-day business.
