Textor would sell shares to help Palace play European football

BBC News

3 days ago

Crystal Palace co-owner John Textor would be willing to sell his shares to his fellow owners in a cut-price deal to allow the club to play in this season's Europa League, according to sources close to Eagle Football.Uefa's rules forbid individuals from being involved with more than one club in the same competition to avoid conflicts of interest.Eagle Football, the multi-club group owned by Textor, owns a majority stake in Ligue 1 side Lyon, who have also qualified for next season's competition.The four Palace partners of Textor, Steve Parish, Josh Harris and David Blitzer were in Switzerland on Tuesday to discuss Palace's participation in the Europa League.
Textor was hoping to show Uefa officials he did not have a controlling interest in the club.The meeting ended without a decision, but it is understood from sources with knowledge of the situation that a final ruling from European football's governing body should come in the next week or so.Palace qualified for the Europa League by beating Manchester City to win the FA Cup. Lyon finished sixth in the French top flight to initially gain a spot in the Uefa Conference League, but were given a Europa League place after Paris St-Germain - already qualified for the Champions League - won the Coupe de France.Through Eagle Football, Textor owns around 45% of Palace and 90% of Lyon.Eagle Football also has controlling interests in Brazilian club Botafogo and Belgian side RWD Molenbeek.Palace are not part of Eagle Football's multi-club organisation and have not signed a player from any of those clubs, although Jake O'Brien, now at Everton, did move to Lyon from their academy.Textor initially invested £90m into Crystal Palace in 2021 and that initial investment helped to complete the academy and bring the age of the squad down.With the club's increase in stature, a development of talent such as Eberechi Eze along with their FA Cup success, it is understood the American would be looking for a lot more return on his original investment.Textor has tried to purchase a controlling stake in Palace in the past as it is thought he would prefer to have overall control of the club. However, he has more recently tried to buy Everton and also sought a buyer for his Palace shares. In an interview with the BBC last year he said he does not run Palace - chairman and co-owner Parish does - although he can share his views. He also conceded the pair disagree on their views over multi-club ownership.It is understood Textor believes in respect of the football department, and he is not entitled to a vote on footballing decisions.He did, though, play a part in bringing in current manager Oliver Glasner last year.That lack of overall control has meant Textor's position has now moved from wanting to buy Palace to telling the partners he would make his shares available - and sell at under 25% of their market value if it meant the difference between Palace playing in Europe or not.Nottingham Forest owner Evangelos Marinakis recently diluted his control at the club by placing his shares in a blind trust, when it looked like both Forest and Olympiakos - another club the Greek businessman owned - may both qualify for the Champions League.But sources close to Eagle Football believe putting those Palace shares in a 'blind trust' is not an option as Textor and Eagle Football do not have decisive influence over the Selhurst Park outfit.Crystal Palace and Uefa were both approached for comment.