Jets owner Woody Johnson buying Crystal Palace with $254 million investment
Jets owner Woody Johnson is making a leap into Premier League soccer.
John Textor has agreed to sell Eagle Football's 43 percent stake in Crystal Palace to Johnson, The Athletic reported Monday morning.
The sale is believed to be worth close to 190 million pounds, or $254 million, according to BBC.
Johnson purchased the Jets for $635 million in 2000, and he'll now add a second sports franchise to his portfolio, becoming one of an increasing number of sports owners to diversify their investments across multiple leagues and sports.
The purchase must be ratified by the Premier League through the Owners' and Directors' test, although that process is widely expected to happen quickly and without issue given Johnson's experience owning the Jets.
3 Jets owner Woody Johnson has reportedly agreed to purchase Crystal Palace.
Charles Wenzelberg / New York Post
Johnson, an heir to the Johnson & Johnson pharmaceutical fortune, has a net worth of $9.1 billion, according to the Bloomberg Billionaires Index.
He's also the former U.S. ambassador to the U.K., having held the position from 2017-2021 under the first term of President Donald Trump.
Johnson made a failed bid at buying Chelsea in 2022, after former owner Roman Abramovich, a Russian businessman, was sanctioned by the U.K. government in response to Russia's invasion of Ukraine.
Johnson's purchase could spell good news for Crystal Palace's hopes of competing in the UEFA Europa League next season, which were in question even after earning a berth by winning the 2024-25 FA Cup.
3 Crystal Palace won the 2024-25 FA Cup.
Action Images via Reuters
Under Textor, the club could have been denied the ability to compete in the Europa League due to multi-club ownership rules – since Textor's Eagle Football group also owns the French club Lyon, which also qualified for the Europa League.
Textor, 59, is an American businessman who is the former executive chairman of FuboTV.
3 John Textor (left) is selling Eagle Football's 40 percent stake in Crystal Palace to Jets owner Woody Johnson.
AP
He invested $115 million into a 40 percent stake in Crystal Palace in 2021, becoming a co-owner with Steve Parish, David Blitzer and Josh Harris.
Blitzer and Harris co-own the Devils and 76ers through the Harris Blitzer Sports Entertainment management company, and Harris also owns the Commanders after purchasing the team from Dan Snyder in 2023.
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