American Sports Moguls In Talks To Take Over Crystal Palace FC, Guardian Reports

As Crystal Palace prepares for an FA Cup final that could see the south London club win a major trophy for the first time in its history, the team’s co-owners are reportedly engaged in a boardroom battle for control.

American businessman John Textor, who already owns 45% of Crystal Palace through his investment fund Eagle Football, has been sounding out his fellow co-owners David Blitzer and Josh Harris about buying their stakes in Palace, according to a report in The Guardian newspaper. If the trio can reach an agreement, Textor’s stake in the club could increase to more than 80%, giving him the power to complete a full takeover.

But The Guardian’s report also said Textor’s bid for control faces competition from Robert “Woody” Johnson, the co-owner of the NFL’s New York Jets and a former ambassador to the U.K. As heir to the Johnson & Johnson family fortune, Forbes estimates that he’s worth $3.4 billion.

Johnson was spotted in the stands at the City Ground last week, when Palace drew 1-1 with Nottingham Forest. The American billionaire had earlier sought to buy Chelsea, but his bid was eclipsed by the £4.25 billion ($5.4 billion) offer from billionaire Todd Boehly and Clearlake Capital in 2022.

Johnson is said to have already held talks with Palace Chairman Steve Parish about buying up the shares currently held by Textor and the other investors. Parish, who maintains a 10% stake in Palace, has effectively had day-to-day control of the club since 2010, when he saved it from liquidation.

Crystal Palace, Eagle Football and the New York Jets did not yet respond to requests for comment on The Guardian’s report.

Harris and Blitzer are said to be willing to sell their stakes in Palace now due to the rising costs of redeveloping the club’s home ground, Selhurst Park. First announced in 2017, the project was expected to cost roughly £75 million, but that estimate has since jumped to more than £200 million. The club said the development will increase the stadium’s capacity from 25,486 to more than 34,000, and construction is expected to commence after the season concludes.

Harris and Blitzer are Wall Street financiers with extensive investments across the sporting world, which include the Philadelphia 76ers, New Jersey Devils and Washington Commanders, among others.

Forbes estimates that Harris has a net worth of $9.9 billion, which is mainly derived from Apollo Global Management, the alternative investment firm he cofounded. Blitzer’s fortune is pegged by Forbes at $3.6 billion. He runs the tactical opportunities group at investment giant Blackstone.

Textor has previously expressed frustration that his investment in Palace hasn’t led to him having a greater say in the club’s direction. He even sought to offload his shareholding in May last year so he could buy Everton, but another American billionaire, Dan Friedkin, trumped his bid.

Textor is an advocate for the multi-club ownership model that City Football Group and Red Bull have been pursuing on a much larger scale. Textor’s Eagle Football has rapidly built stakes in French Ligue 1 club Olympique Lyonnais, Brazilian Serie A side Botafogo of Rio de Janeiro and Belgian outfit RWD Molenbeek in the hopes of creating an ecosystem of clubs that develop players and work together.