Ownership Transition at Crystal Palace
In a significant shift within Premier League ownership, John Textor has entered into an agreement to transfer his 43 percent ownership of Crystal Palace to Woody Johnson, the billionaire owner of the NFL’s New York Jets. This move requires approval from the Premier League through its owners’ and directors’ test, a screening process that usually lasts about two months. However, given Johnson’s extensive experience as a franchise owner since 2000, it may be expedited.
About Woody Johnson
Johnson, who purchased the Jets for $635 million, has notable previous aspirations in football, having been a potential purchaser of Chelsea FC, which was sold to a consortium led by Todd Boehly last year. Holding a net worth estimated at $3.3 billion, Johnson also served as the U.S. ambassador to the U.K. from 2017 until 2021. The Premier League and the New York Jets were invited to provide comments on this transaction.
Impact on Crystal Palace
Should the acquisition be finalized, it will end Textor’s tenure at Crystal Palace, where he became a minority partner four years ago, joining chairman Steve Parish and fellow investors Josh Harris and David Blitzer. This shift could influence Palace’s prospects in next season’s Europa League, especially as UEFA assesses Textor’s involvement with Lyon, a club he controls that is also competing in European competitions. Textor’s ownership of Lyon raised questions about potential conflicts of interest regarding UEFA’s regulations against multi-club ownership.
Textor’s Investment Journey
Textor began investing in Palace with a 40 percent stake worth £87.5 million in August 2021 but had reportedly grown frustrated with inadequate collaboration from the other partners, particularly in pursuing a more integrated strategy involving his other football clubs, including Botafogo in Brazil and Daring Brussels in Belgium. In previous statements, he mentioned feeling sidelined and expressed a desire for a more cooperative environment.
Having explored acquiring Everton before their acquisition by the Friedkin Group, Textor is now targeting lower-league clubs in the Championship as he seeks new investment opportunities ahead of a potential initial public offering (IPO).
Future Prospects and Operational Changes
While discussions with various buyers took place, including a U.S. consortium connected to sports and entertainment who intended to bid over $200 million, substantive offers have been delayed. Textor’s partners, including Parish and Blitzer, were offered the first chance to purchase his stake but did not meet his expectations.
As the ownership transition unfolds, operational changes at Crystal Palace may be minimal initially, with Parish remaining at the helm as executive chairman. Johnson’s role and influence in club affairs, especially compared to Textor’s hands-off approach, remain to be clarified. Additionally, Palace’s plans to enhance Selhurst Park are still on the table, potentially requiring Johnson’s financial engagement alongside other stakeholders.
Pending Decisions
As of now, the final decision from UEFA regarding Palace’s participation in the UEFA Europa League is pending, expected by the end of the month, with considerations of Textor’s diminishing influence factored into the assessment.
“I felt sidelined and expressed a desire for a more cooperative environment.” – John Textor
