Crystal Palace handed huge Europa League boost after £190million decision
Crystal Palace look to have cleared the path to play in Europe next season with John Textor selling his stake to American businessman Woody Johnson for £190million
John Textor has sold his stake in Crystal Palace to US billionaire Woody Johnson - paving the way for the FA Cup winners to play in the Europa League next season. Textor's involvement at the Eagles had caused major issues given he is also the owner of French side Lyon, who will play in Europe next term.
UEFA's multi-club ownership rules had left the Premier League side in danger of being denied the chance to compete in the Europa League despite their success at Wembley last month
However his 43 percent stake in the club has now been bought by Johnson, owner of the New York Jets, for £190million. The deal has gone through provided it gets approval from the Premier League.
It is understood that Johnson will be subjected to the same set-up at Palace as Textor was. Despite him owning 43 per cent of the club, he will only have a quarter of the voting rights with chairman Steve Parish and US investors Josh Harris and David Blitzer also having a say in the running of the Eagles.
Palace officials, including Textor, had gone to Switzerland earlier this month to hold crunch talks UEFA officials as they looked to prove that Textor only held 25 per cent of voting rights, which meant he was not in a position of influence at Selhurst Park and not breaching their multi-club rules.
Both Manchester United and Manchester City had been able to circumnavigate UEFA's rules in recent years, allowing them to continue playing in Europe. Sir Jim Ratcliffe is also the owner of Nice whilst the City Football Group own Spanish side Girona.
Johnson's wealth stems from him being an heir to the Johnson & Johnson pharmaceutical empire and a Republican donor with an estimated worth of around £7.38bn. He is known to be a close friend and financial backer of US President Donald Trump.
Back in 2022 he was among those who attempted to buy Chelsea, but ultimately missed out with fellow American Todd Boehly leading a consortium that bought the Blues from Roman Abramovich.
Johnson has controlled the Jets since 2000. But under his ownership they are yet to win a Super Bowl and have now gone 14 seasons without appearing in the post-season play-offs - the longest drought in the sport.
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