10 January 2024 , 19:40
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Change is afoot behind the scenes at Crystal Palace with owner John Textor and Eagle Football Holdings exploring the sale of their stake in the club. And it could open the door for NFL billionaire Josh Harris to take control.
Harris owns the Washington Commanders and NBA franchise the Philadelphia 76ers, as well as 18 percent of the South London club. Textor, according to The Independent, wants out at Selhurst Park and is minded to sell all of his 45 percent stake in the Eagles.
Per the report, bidders interested in buying out Textor would only proceed if they could acquire a majority stake. In that regard, Harris already holds the upper hand as acquiring Eagle Football Holdings' shares would take him over the 50 per cent threshold. Harris' business partner David Blitzer also owns 18 percent.
However, the situation is complicated by Palace chairman Steve Parish's 10 percent stake, which includes outsized voting rights, and prospective investors may need to buy him out to assume unmitigated control of the club. But that is unlikely to put people off from taking a rare chance of owning a Premier League club.
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Palace is a particularly appealing proposition in that regard, having established itself as part of the furniture in the top flight. The Eagles are in their 11th season in the Premier League since being promoted in 2013 and sit 14th in the table, six points clear of the relegation zone.
Harris, who also owns ice hockey team the New Jersey Devils, led a consortium alongside basketball icon Earvin "Magic" Johnson that bought the Commanders in 2023 for £4.75billion, the most ever paid for a sports team. Forbes estimates Harris has a net worth in the region of £6.2b.
A change of ownership at Selhurst Park could bring significant change to the Premier League landscape. Parish has long been the face of the club's boardroom and is a leading voice for "the other 13" top-flight clubs, with the seven superpowers Manchester United, Manchester City, Liverpool, Arsenal, Chelsea, Tottenham and Newcastle United often having competing interests with smaller rivals, such as the failed European Super League (ESL) breakaway.
Steve Parish owns 10 per cent of Crystal Palace, with outsized voting rights. (Alex Davidson/Getty Images)The prospect of Parish's departure would be a blow to the 13 other clubs at a time when bigger teams have tried – and in the case of the ESL – failed to strengthen their hand with dramatic structural changes to the English game.
The sale process is informal at this stage, with no bank instructed to officially begin a bidding process, but Textor's intentions have been shared with prospective buyers. Textor's Eagle Football Holdings also owns Brazilian club Botafogo, Belgian team RWD Molenbeek and French giants Olympique Lyon.