Rewritten Content:
Woody Johnson, the owner of the New York Jets, has reached an agreement to acquire a 43% stake in the Premier League team Crystal Palace from American businessman John Textor.
The deal, valued at $245 million, was announced by the club on Monday but is subject to approval from the Premier League. Johnson must also pass the "Fit and Proper Person Test" for the transaction to proceed.
The club’s statement expressed hope for Johnson’s partnership, despite pending approvals from the Premier League and Women’s Super League. They also acknowledged John Textor’s contributions over the past four years.
Johnson’s attempt to purchase Crystal Palace follows his unsuccessful bid for Chelsea in 2022, after serving as the U.S. ambassador to the U.K. from 2017 to 2021. His interest in Chelsea arose during the upheaval following the Russian invasion of Ukraine, but the club was sold to Todd Boehly and Clearlake Capital for around £4.25 billion (approximately $5.25 billion) in May 2022.
This latest deal allows Crystal Palace to comply with multi-club ownership regulations, as Textor’s Eagle Football Holdings also has stakes in Ligue 1 club Lyon. This compliance will secure the Eagles’ chance to compete in the UEFA Europa League next season.
Textor remains a major stakeholder in Crystal Palace, but the club’s day-to-day operations are primarily run by Chairman Steve Parish and majority owner of the NFL’s Washington Commanders, Josh Harris, alongside minority stakeholder David Blitzer. UEFA regulations prevent teams with overlapping ownership from playing in the same league, prompting Textor to consider placing his shares in one club in blind trust to avoid conflicts.
Reports suggest that Textor has been looking to divest some of his shares in Crystal Palace to facilitate his ownership of both clubs.
Crystal Palace finished 12th in the Premier League last season, with a record of 13 wins, 14 losses, and 11 draws, and secured a spot in the Europa League by winning the FA Cup.
Woody Johnson purchased the Jets in 2000 for $635 million, and Bloomberg estimates his net worth to be about $9.18 billion.
Fan Take: This news is significant for soccer fans as it highlights the increasing interest from American investors in Premier League clubs, which can lead to a stronger financial foundation for teams like Crystal Palace. The potential for enhanced competitiveness in European tournaments like the Europa League is also an exciting prospect for fans looking to see their teams succeed on a larger stage.
