Textor's Palace stake sold to Jets' Johnson in £190m deal

John TextorImage source, Getty Images
Image caption,

John Textor also has a stake in French club Lyon, who have qualified for the Europa League next season

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New York Jets owner Woody Johnson has signed a "legally binding contract" to buy John Textor's 43% stake in Crystal Palace in a deal believed to be worth close to £190m.

Palace confirmed the news in a statement on Monday, but it has yet to be announced whether it boosts the club's fight to be cleared to play in next season's Europa League.

Palace said the deal is pending approval from the Premier League and Women's Super League.

Sources close to the process have told BBC Sport that work towards Johnson passing the Premier League's owners' and directors test started about two weeks ago.

"We do not envisage any issues and look forward to welcoming Woody as a partner and director of the club," the south London club said.

"We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future."

Eagle Football Holdings – the multi-club company owned by Textor – bought a stake in Palace in 2021 for around £90m.

There is hope at Selhurst Park that their efforts to accelerate Johnson's takeover at domestic level will provide further proof to Uefa that they are doing everything in their power to fall in line with European football governing body's rules regarding multi-club ownership structures that has left their place in next season's Europa League at risk.

It is understood that American businessman Johnson indicated he can transfer the funds quickly.

This is believed to have been a crucial factor in why his offer was favoured ahead of two other interested parties, given the predicament in which Palace find themselves.

Palace could lose their spot in Europe, earned by winning last season's FA Cup, on the basis of Textor's perceived involvement at the club.

Uefa has been considering whether Palace breach its rules about multiple teams under one multi-club ownership structure competing in the same European competition.

This is because Textor has a stake in French club Lyon, who also qualified for the Europa League.

It remains to be seen whether the process of Textor selling his stake in Palace influences Uefa's final decision.

It is understood Johnson and current Palace chairman Steve Parish have already spoken at length.

Palace are hopeful that Johnson gaining the green light from the Premier League will be a formality given his public profile and that proof of funds are easily traceable.

Johnson, 78, is a former United States ambassador to the United Kingdom who bought the NFL's New York Jets in 2000.

He is one of the heirs of the Johnson family that founded the Johnson & Johnson pharmaceutical company.

The Bloomberg Billionaires Index estimated his wealth at about £6.8bn ($9.18bn) in 2024.

Uefa is expected to make a decision on whether Palace can participate in the Europa League by the end of June.

Clubs had until the end of March to change their ownership structures to comply with its multi-club ownership rules, but Palace missed the deadline.

Nottingham Forest owner Evangelos Marinakis altered his side's ownership in time for Uefa's deadline in preparation for the City Ground club and Olympiakos - who are also owned by the Greek businessman - both qualifying for the Champions League.

Even if Uefa rule that Palace can play in the Europa League next season, Forest - who will play in the Conference League rather than the Europa League if the Palace are given the go-ahead - can appeal to the Court of Arbitration for Sport on the basis that the south London club missed the end of March deadline.