Jets owner Woody Johnson's Crystal Palace Stake Gets Green Light
"I am honored and privileged to be joining the ownership group of Crystal Palace Football Club," Johnson told the club website.
Palace announced last month that Johnson had signed "a legally binding contract" to buy the shares of fellow American John Textor, who had a 43% stake in the London club, with reports at the time placing the price between $220 million and $260 million.
The latest club statement gave no financial details.
Johnson joins chairman Steve Parish, Josh Harris and David Blitzer as a partner and director of the club, and has also signed the Premier League's Owners' Charter.
"It is an organization with a proud history, tradition, and deep roots in English football in South London, which I came to admire during my time as US Ambassador to the United Kingdom," Johnson said.
Palace finished 12th last season in the 20-team Premier League.
Johnson's arrival at Palace comes with the club in dispute with UEFA over which European competition it will play in next season after winning the FA Cup in May — its first major trophy in 120 years of existence.
Palace was demoted from the Europa League to the Conference League after falling foul of UEFA's rules governing multi-club ownership, but has submitted an appeal to the Court of Arbitration for Sport.
UEFA determined that as of March 1, Textor had control or influence in Palace and French club Lyon.
Textor said he had agreed to sell his stake in Palace to Johnson, but the move came too late to satisfy UEFA.
Reporting by The Associated Press.
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