John Textor offers to sell his majority stake in Crystal Palace to prevent the club being kicked out of Europe - as American's asking price is revealed
John Textor is willing to sell his majority stake in Crystal Palace for £175m – and put an end the club's European crisis.
Mail Sport understands that the American, whose ownership of French side Lyon has placed the Eagles' historic Europa League place at risk, has offered his stake to his fellow co-owners in a last-ditch bid to ensure the club does not fall foul of UEFA's rules.
The figure, for Textor's Eagle Football Holdings' 43 per cent share, is understood to value Palace at significantly less than the amount Textor himself offered to buy out his three fellow directors earlier this year, according to sources with knowledge of the situation.
The development is the latest in a high-stakes situation, as the the clock ticks towards a conclusion. Last week, this newspaper revealed that a delegation from Palace jetted to UEFA's headquarters in Switzerland last week to plead their case.
It is thought that a key element of their argument was that while Textor holds the majority stake, he is only entitled to 25 per cent of the voting rights and as such is not in a position of influence. However, that may well not be enough to satisfy UEFA chiefs – with a rapid sale now being viewed in certain quarters as the only way out.
Palace chairman Steve Parish also holds 25 per cent of the voting rights along with two other partners, the Americans Josh Harris and David Blitzer.
Harris and Blitzer would be the two most likely to buy Textor out and it is thought that Woody Johnson, the owner of the NFL's New York Jets and former US ambassador to the UK, may yet become involved. Textor's asking price is thought to be more than £50m less than the revenue-multiplied-by-three formula often used to value business.
Palace unexpectedly qualified for the Europa League thanks to their shock FA Cup victory over Manchester City. Other clubs with similar models often put their ownerships into a 'blind trust', to avoid any issues with UEFA's rules. However, at the March cut-off for submissions, the prospect of Palace qualifying for Europe was unlikely at best.
Should the situation not be resolved Textor's Lyon would take the Europa League slot as they finished higher in their domestic league. To exacerbate the situation, Blitzer's Brondby would then take the Europa Conference spot for the same reason as he also failed to spot the potential issues. Nottingham Forest would be elevated from the Conference League to the Europa League while Palace's rivals Brighton would take a slot in the Conference League.
Palace have until June 24 to present their final case to UEFA officials, who are then expected to take around a week before reaching a verdict.
Should they not be satisfied with the ruling, Palace could appeal to the Court of Arbitration for Sport, as could the other clubs involved in what is a complex situation. Suich a scenario is not unlikely given what is at stake.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
10 minutes ago
- The Sun
Historic Brit clothes shop beloved by the Royal Family which supplied Europe's top fashion houses is forced to close
A HISTORIC British clothing store once beloved by the Royal Family and known for supplying Europe's top fashion houses has shut down for good—leaving 28 people out of work. Otterburn Mills, based in Otterburn, Northumberland, with a second store in Rothbury, has gone into liquidation following a series of financial blows. 4 The 18th-century mill-turned-retail business struggled to recover after the Covid pandemic, with shop visitor numbers failing to return to pre-2020 levels. The business was further hit by the sudden loss of a key supplier, soaring operating costs, and a shift in consumer shopping habits away from the high street. The company, which famously made a pram rug for Queen Elizabeth II in 1926, had recently been put up for sale. However, no buyer could be found, and business recovery experts FRP were brought in to oversee the winding down of operations. FRP confirmed that the company has ceased trading and 28 employees have been made redundant. Those affected are now being supported with access to the Redundancy Payments Service. Antonya Allison, joint liquidator and director at FRP, said: 'Otterburn Mills was a well-known and respected local business that had built a loyal customer base over many years. Unfortunately, the retailer was faced with an array of challenging headwinds that many high-street brands will recognise and, despite our best efforts to identify it has not been possible to find a viable way forward for the business. Our focus is now on supporting those affected and working to ensure the best possible outcome for creditors through the liquidation process.' The business also had debts owed to HMRC. We live next to a Sainsbury's where 'defeaning' building work is ruining our lives – we haven't slept for a week FRP added that it is 'working with all stakeholders to ensure an orderly wind down of the business and to maximise returns for creditors.' Otterburn Mills rose to prominence under William Waddell, the son of a Borders wool manufacturer, and built a reputation for its tweeds and woven fabrics. These high-quality materials were once used by major European fashion houses including Dior and Balmain. The site was transformed into a retail clothing store in the 1990s by Euan Pringle, who preserved much of the original mill machinery as part of the shop's heritage display. The closure adds to a growing list of British retail losses in recent months. The Original Factory Shop has begun closing down sales at several branches across Worcestershire, Dorset, Durham and other parts of the UK, as part of its wider restructuring. Poundland, recently sold to a US-based firm for just £1, is facing the potential closure of around 100 of its 800 UK shops, with job losses expected. House of Fraser is also shutting down its Worcester city centre store, where a 20 per cent off closing down sale has already begun ahead of its final trading day in September. Meanwhile, fashion chain River Island is drawing up a radical rescue plan to avoid collapse, which includes shutting some stores. Its Banbury branch is set to close at the end of June, and more may follow as the retailer attempts to recover from a £33.2 million loss last year. Industry experts say these closures reflect broader trends, including rising energy bills, business rates, and staffing costs. Many shoppers have moved online or prefer to visit large retail parks over traditional town centres. The Centre for Retail Research has warned that more than 17,000 UK stores could shut their doors in 2025, putting up to 202,000 retail jobs at risk. The loss of Otterburn Mills, a once-thriving symbol of British textile heritage, underlines the deepening crisis for both independent shops and national retail chains across the UK. Without meaningful support or change in consumer habits, more historic names could be lost from the high street for good. RETAIL PAIN IN 2025 The British Retail Consortium predicted that the Treasury's hike to employer NICs would cost the retail sector £2.3billion. Research published by the British Chambers of Commerce earlier this year shows that more than half of companies planned to raise prices by early April. Separately, the Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." 4 4
The Sun
10 minutes ago
- The Sun
Thousands of Thames Water customers are stuck on unfair 30-year-old tariffs
THOUSANDS of Thames Water customers are stuck on unfair 30-year-old tariffs, The Sun can reveal. Many without water meters have seen bills soar because they are calculated using their property's rateable value — set way back in the 1990s. 1 One Sun reader told us his monthly payment was up by a huge 671 per cent, from £21 to £162. Thames, which is trying to negotiate a multi-billion pound rescue deal, had said bills would rise by 31 per cent from April. But many are up by more than 40 per cent. Customers in homes unsuited to water meters — such as many flats — say they have been hit with higher hikes over the years. Their bills are calculated by their historic rateable value, which can depend on size and location — so they will often vary for homes in the same street. The Sun has been told that huge numbers of properties are unsuitable for water meters — including about 70 per cent in London. It means many people are struggling on unfair tariffs — and we have delivered a dossier of cases to Thames asking it to investigate. Consumer expert Martyn James said affordability was 'deeply concerning'. Industry regulator Ofwat said some customers may see their payments increase by more than average. Thames said: 'We offer comprehensive support for customers struggling to pay their bill.' TESCO SALES UP TESCO has revealed stronger sales over the latest quarter despite an 'intensely competitive' grocery market. The UK's largest supermarket chain said it has increased its market share further after investing more in pricing to lure customers. Group sales grew by 4.6 per cent to £16.4billion for the 13 weeks to May 24. Food sales rose by 5.9 per cent while non-food sales, excluding toys, rose by 6.2 per cent. £500 YOB FINES DISRUPTIVE Ryanair passengers who are removed from planes will be fined £500. The carrier said this will be the 'minimum' penalty and it will continue to pursue offenders for civil damages. It hopes the policy will 'act as a deterrent to eliminate this unacceptable behaviour'. The airline is suing one passenger for £12,600 after a Dublin-Lanzarote flight had to divert to Porto last year. EX-WILKO STAFF COMPO ABOUT 10,000 former Wilko workers will share a £2million payout following a legal case, it was announced yesterday. The GMB union said an employment tribunal judgment ruled that the retailer had failed to properly consult with workers before going bust in 2023. It means about 9,000 who worked in a store with 20 or more people will get four days' pay. And roughly 1,100 who worked in a distribution centre or support centre role will receive 13 days' pay. GMB rep David Bartlett said it was 'the very least Wilko workers deserve'.
South Wales Argus
18 minutes ago
- South Wales Argus
What's on Thomas Frank's to-do list after taking charge at Tottenham?
Frank has left Brentford after an impressive seven-year spell and replaces Ange Postecoglou, who was dismissed two weeks after Europa League success following a 17th-placed finish in the Premier League. Here, the PA news agency takes a look at the key early issues facing Frank at Spurs. Stabilise dressing room Gaffer, where to thank you for bringing me to this wonderful club that I now call my home. Your instant belief in me to not only sign me but make me the clubs vice captain & part of the leadership group from the get go is something I'll always be thankful for.… — James Maddison (@Madders10) June 7, 2025 The volume of tributes paid to Postecoglou and the emotion behind them showed the strong connection built by the Australian in the Tottenham dressing room. Captain Son Heung-min hailed him as a 'legend forever', James Maddison was one of many to state how much they learned from him and Micky van de Ven admitted his dismissal was 'strange'. More than a dozen of the squad expressed their gratitude to the Europa League-winning boss, which leaves Frank in a tricky position. However, the man-management of the Danish coach is one of his strongest skills and he will back himself to quickly win over a group hungry for more success. Frank did also previously try sign Archie Gray and Brennan Johnson at Brentford. Make call on senior figures Spurs chairman Daniel Levy insisted in March the club 'cannot spend what we do not have' in reference to criticism from supporters. It hinted at sales being required to boost the transfer budget, but Europa League glory and subsequent Champions League qualification will bring in a vast amount of revenue. Nevertheless, captain Son is entering the final 12 months of his deal and with renewed interest from Saudi Pro League clubs, a departure could occur if a significant offer is made, PA understands. Cristian Romero also continues to be tracked by LaLiga teams but the World Cup winner would command a hefty price tag. Frank will be involved in discussions over the pair in addition to others and may have a tricky choice – does he keep two of Postecoglou's leadership group or start his tenure by moving them on? Insist on experienced signings Archie Gray made 46 appearances for Tottenham during his debut season despite only turning 19 in March (Nick Potts/PA) No matter who does depart, Frank would be minded to demand more experienced players are recruited this summer by technical director Johan Lange, who worked with the former Brentford boss at Lyngby. Postecoglou regularly fielded teenagers during Tottenham's Premier League campaign and even though Archie Gray and Lucas Bergvall developed enormously, they would benefit from more senior figures around them. Son and Ben Davies are currently the oldest in the squad at the age of 32. One of Postecoglou's parting messages was to urge players with Champions League pedigree to be signed. Win over doubters with quick start We are delighted to announce the appointment of Thomas Frank as our new Head Coach on a contract that runs until 2028. Welcome, Thomas! 🤍 — Tottenham Hotspur (@SpursOfficial) June 12, 2025 Frank has earned this opportunity by ensuring Brentford punch above their weight in the Premier League. Whilst most Spurs fans have reacted positively to his appointment, plenty also would have been happy for Postecoglou to get his wish of season three. It is no secret that Frank has made slow starts in his previous two managerial jobs – requiring nine games to achieve a maiden win in charge of Brondby and losing eight of his first 10 with Brentford. A repeat at Tottenham could see him suffer the same fate as Nuno Espirito Santo and be sacked before December. The best way for Frank to silence any doubters and escape Postecoglou's shadow will be early victories and his debut fixture offers up an excellent opportunity. If Frank can guide Spurs to a shock UEFA Super Cup triumph over Paris St Germain on August 13, it would win him a first trophy and show to the world he means business.
