Crystal Palace is getting a new American owner. John Textor has agreed to sell his stake in the Premier League club to Woody Johnson, who owns the NFL's New York Jets. This deal needs Premier League approval before becoming official.
Johnson has been the Jets owner since 2000, when he bought the team for $635 million. The Premier League usually takes about two months to approve new owners, but Johnson's experience running the Jets might speed things up.
This sale marks the end of Textor's four-year involvement with Palace. He's been one of four major partners alongside chairman Steve Parish and fellow Americans Josh Harris and David Blitzer.
Europa League Hopes Get a Boost
The timing couldn't be better for Palace fans. The club qualified for next season's Europa League as FA Cup winners, but their participation was in doubt because of UEFA's multi-club ownership rules.
Textor's company also owns French club Lyon, who also qualified for Europa League. UEFA doesn't allow one owner to have "decisive influence" over multiple clubs in the same competition.
This sale could solve that problem. While UEFA's deadline for resolving ownership issues was March 1, they might view favorably that Textor started the selling process last year.
Why Textor Is Leaving Palace
Textor initially bought a 40% stake in Palace for £87.5 million back in 2021. But he's grown frustrated with his limited influence at the club.
"We've reached the point where we have a significant investment in a club we hold in the minority," Textor told The Athletic last year. He wanted more collaboration with his multi-club project, which includes teams in Brazil, France, and Belgium.
Parish, Blitzer, and Harris had the first option to buy Textor's shares but their offer wasn't enough. Several other groups showed interest, with some reportedly offering more than Johnson, but those deals fell through or came too late.
For Palace fans, this ownership change brings stability ahead of their European campaign. The club can now focus on summer transfers and preparing for competing on multiple fronts next season.
Johnson's deep pockets and sports ownership experience could provide fresh resources for the Eagles as they look to establish themselves as regular European contenders while maintaining their Premier League status.
