John Textor sells stake in Crystal Palace, clearing way for European football
- John Textor has agreed to sell his 43 percent stake to Woody Johnson for approximately £190 million.
- The sale must receive approval from the Premier League and UEFA due to multi-club ownership rules.
- This deal presents an opportunity for Crystal Palace to compete in European football next year.
In England, John Textor, co-owner of Crystal Palace, has agreed to sell his 43 percent stake in the football club to Woody Johnson, owner of the New York Jets. This move, finalized just weeks ago, comes after pressure from fellow club owners Steve Parish and David Blitzer. The agreed sale price is reported to be around £190 million and is pending approval from the Premier League as well as UEFA. Textor's decision to sell follows complications under UEFA's multi-club ownership rules that threatened Crystal Palace’s participation in European football after their FA Cup triumph. Textor previously bought his stake for £90 million in August 2021 and invested an additional £180 million into the club. However, UEFA regulations dictate that two clubs owned by the same entity cannot participate in the same European competition, putting Crystal Palace at risk of losing their spot to Textor's French club, Lyon. The sale will potentially resolve this conflict, allowing Crystal Palace to compete in Europe next season, contingent on the necessary approvals being granted. Johnson's acquisition of Textor’s shares is one of several ownership changes rumored in the English football space as owners look for ways to consolidate their interests amidst rising pressures in the football landscape.