The Crystal Palace ownership situation has taken another dramatic turn, injecting fresh uncertainty into the club's future, particularly concerning their participation in the upcoming Europa League season. John Textor, co-owner of Crystal Palace, finds himself at the center of a complex web involving multi-club ownership rules, a potential ownership shakeup, and the ever-watchful eye of UEFA.
The latest development involves Woody Johnson, owner of the New York Jets, reportedly making a £190 million offer to acquire Textor's 44.9% stake in Crystal Palace. This offer is said to have the backing of Crystal Palace co-chairman Steve Parish. Textor's initial attempt to buy out Parish, along with fellow co-owners Josh Harris and David Blitzer, was rejected in April, with a bid of £550 million. Textor's valuation of his stake is around £240 million, making Johnson's offer a significant underbid. He is reportedly considering the offer.
This potential sale comes amidst concerns raised by UEFA regarding Crystal Palace's eligibility for the Europa League. The issue stems from Textor's significant ownership stake in French club Lyon, alongside his holding in Crystal Palace through Eagle Football Holdings. UEFA regulations prevent clubs with the same owner from competing in the same European competition to ensure the integrity of the tournaments.
Crystal Palace secured their place in the Europa League after a momentous FA Cup victory against Manchester City. This win marked their first major trophy and secured their first-ever qualification for a European competition. However, this achievement is now under threat due to the multi-club ownership concerns.
Adding another layer to the saga, Nottingham Forest has formally challenged Crystal Palace's participation in the Europa League. Forest, whose owner Evangelos Marinakis also owns Greek side Olympiacos, are hoping to take Crystal Palace's place in the competition. Marinakis had placed his shares in Nottingham Forest in a blind trust before UEFA's deadline, anticipating his club's potential European qualification.
Crystal Palace is actively engaged in discussions with UEFA to demonstrate that Textor does not wield decisive influence over the club's operations. The club is working "collaboratively with UEFA" to find a solution and end the uncertainty surrounding their Europa League spot. Textor has also expressed his willingness to resign as a Palace director and is in talks to sell his stake in the club to resolve the conflict. UEFA's Club Financial Control Body has requested Crystal Palace provide proof that Textor does not have decisive influence at the club. A decision from UEFA is expected before the end of June.
Adding another twist to the tale, in May 2024, Textor and his Eagle Football Holdings company expressed interest in buying Everton amid their own ownership chaos. This would require Textor to sell his Crystal Palace stake first, and he reportedly engaged investment banking firm Raine to find a potential buyer.
The Crystal Palace ownership situation remains fluid and complex. The potential sale of Textor's stake, UEFA's investigation, and Nottingham Forest's challenge all contribute to the uncertainty surrounding the club's future and their participation in the Europa League. Crystal Palace fans are anxiously awaiting a resolution that will allow them to celebrate their historic FA Cup win with a long-awaited journey into European competition.
