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John Textor has sold his company’s stake in Crystal Palace to New York Jets owner Woody Johnson – in a move that is set to clear the way for the club play in Europe next season.
The American businessman’s Eagle Football Holdings held 43 per cent in the south London club, which qualified for the competition for the first time after a historic victory in the FA Cup Final.
However, as Mail Sport revealed, their participation in the Europa League was thrown into jeopardy thanks to Textor’s ownership of French side Lyon, and potential issues with UEFA’s rules on multi-club ownership.
Palace officials, including Textor, jetted to Switzerland earlier this month for a crunch summit with UEFA officials in an attempt to convince them that because Textor only held 25 per cent of voting rights he was not in a position of influence at Selhurst Park.
Textor told Mail Sport outside the meeting that he was attempting to sell his company’s stake in the club, with Johnson – a former US ambassador to the UK – among the front runners.
And now a deal for around £190m has gone through, subject to Premier League approval.
John Textor has finally sold his stake in Crystal Palace, potentially paving the way for Europa League football
New York Jets owner has sealed a £190million deal for 43 per cent of the south London club
Palace hope to play in the Europa League but Textor's involvement with Lyon threatened this
UEFA declined to comment, but the hope is that Palace have now done enough to ensure they will not be booted out of the Europa League.
Those in Switzerland are aware of what could be a breakthrough development.
It is thought that Johnson will be subject to the same set-up as Textor’s firm, in that despite owning 43 per cent of the club, he will only have a quarter share of the voting rights, along with chairman Steve Parish, and US investors Josh Harris and David Blitzer.
Blitzer’s ownership of Danish club Brondby was another potential sticking point should Palace have been ‘demoted’ from the Europa League to the Europa Conference.
A decision from UEFA is expected by the end of this month.
Johnson, 78, is an heir to the Johnson & Johnson pharmaceutical empire, a Republican donor and is estimated to be worth around £7.38bn.
In 2022 he missed out in a bid to buy Chelsea and is known to be a close friend and financial backer of US President Donald Trump.
Johnson, 78, is an heir to the Johnson & Johnson pharmaceutical empire, a Republican donor and is estimated to be worth around £7.38bn.
In 2022 he missed out in a bid to buy Chelsea and is known to be a close friend and financial backer of US President Donald Trump, under whom he served.
Johnson is known as a philanthropist, especially in the field of medical research and, via the Jets, has donated to Ukraine. His wife, Suzanne, grew up in a Ukranian neighbourhood of New York.
Johnson has controlled the Jets since the year 2000. Under his ownership, they are yet to win a Super Bowl and have gone 14 seasons without appearing in the play-offs, the longest drought in the sport.
