Latest news with #EagleFootballHoldings
Telegraph
a day ago
- Business
- Telegraph
Donald Trump ally bids for £170m Crystal Palace stake
John Textor is considering three sale offers to rescue Crystal Palace 's Europa League place – including one from Donald Trump ally Woody Johnson. Telegraph Sport understands the New York Jets owner tabled a 43 per cent purchase proposal, marginally less in overall value than two others being discussed. Raine Group, the New York broker which secured sales for Chelsea and Manchester United, had been in discussion with parties on behalf of Textor since last year. However, the American is conscious of the club's need to now secure a quick transaction to guarantee European competition next season. A quick sale for as little as £170 million has been mooted for Eagle Football Holdings' 43 per cent stake as Textor's ownership of Lyon leaves Palace facing the threat of expulsion from Europe's second tier. Industry insiders believe a purchase of Textor's shares by the current co-owners, Josh Harris and David Blitzer, is the most likely outcome this summer. However, options include at least two other proposals from the US, one of which has been established for months. A deal with Johnson, 78, is viewed as an outside shot. He is a controversial figure in US sport, with the New York Jets facing scrutiny last year following reports of 'controversial and dysfunctional practices' under his watch. Johnson bought the New York Jets in 2000, with the NFL franchise now estimated to be worth around $6.9 billion. The Jets' $1.6 billion MetLife Stadium will hold next year's World Cup final. Johnson is also well-known in UK politics. The long-time Republican Party donor was appointed as US ambassador to the UK during Trump's first term. His brother, Christopher, took over Jets operations during his post. The American businessman has long been interested in buying a Premier League club, having approached Raine about Chelsea in 2022. Other suitors for Palace, meanwhile, are believed to include NBA star Jimmy Butler, part of a consortium of sport and entertainment executives that is expected to make an offer. That separate proposal was first reported by The Athletic on Wednesday night. Another international consortium advised by the veteran football financier Keith Harris also previously expressed interest. Mr Harris's group would probably execute its deal through the recently incorporated Sportbank vehicle. The Sportsbank consortium – worth upwards of £200 million – is said to be made up of a collection of investors from North America, Canada, Europe and the Gulf. Textor, who previously expressed interest in buying Everton, is willing to find another club as soon as possible. Textor acquired his holding in Palace in 2021 for about £90 million. His multi-club network Eagle Football also includes French club Olympique Lyonnais, Rio-based Botafogo and RWD Molenbeek in Belgium. His priority is to pursue a club which can accept players across the group. Crystal Palace's overall value is said to be around £500 million – around the same price that Everton was valued at, minus debt, during Farhad Moshiri's protracted sale. Stanley Tang, of the US-based food delivery company DoorDash, denied suggestions that he was also in discussions to buy Textor's stake. Chairman Steve Parish, Textor and his fellow US businessmen Harris and Blitzer oversee the running of the Selhurst Park club as general partners. However, Textor has repeatedly hinted at frustrations that he does not exert as much club control as he would like. Uefa is set to inform Palace whether they are in breach of its multi-club ownership rules by June 30 – although the matter may then be taken to the Court of Arbitration for Sport (Cas) which would delay a final verdict. The FA Cup winners met Uefa officials last week in a two-hour meeting in an attempt to avoid being barred. Palace insist there is no sharing of information or staff or facilities with the French side. The club argue that despite Textor's shareholding, he has no say in the day-to-day running and has just 25 per cent of voting rights. Indeed, Textor has previously spoken about his annoyance at the lack of say he has at Palace and has been trying to sell his shares. Textor reiterated this after last week's meeting in Nyon. However, Nottingham Forest have written a letter to Uefa expressing their position and asking for clarification over whether Palace will be involved.
Daily Mail
2 days ago
- Business
- Daily Mail
NBA star expected to make offer to buy stake in Crystal Palace as part of consortium - with bid set to be more than £147m amid Eagles' European crisis
A consortium including NBA star Jimmy Butler 'is set to make an offer of more than £143million' to buy a stake in Crystal Palace. Palace, who are waiting to find out if they will be booted out of next season's Europa League for contravening multi-club ownership rules, could sell 43 percent of the club owned by John Textor's Eagle Football Holdings if they accept the offer. That could then allow Palace to compete in the Europa League but it remains to be see if any agreement can be struck quickly enough. Mail Sport's Mike Keegan earlier reported that Textor is willing to sell his stake in Crystal Palace for £175m – and put an end the club's European crisis. Whether the consortium is willing to meet his valuation or Textor settle for a reduced amount is not yet known. According to the Athletic, Butler and Co are let by ex-Morgan Stanley exec Bejan Esmaili and former Roc Nation lawyer Wajid Mir. The bulk of the finances would come from an American group with experience investing in football, says the report. Butler would be the highest-profile member of the consortium and join the likes of Tom Brady (Birmingham) and JJ Watt (Burnley) in investing in UK clubs. He is a six-time NBA all-star who has been with the Golden State Warriors since February. Palace co-owner John Textor is currently looking to sell his shares quickly in order for the Eagles to compete in next season's Europa League having qualified by winning the FA Cup. But because Textor also owns Lyon, another club in the competition, UEFA bosses are currently deciding whether they will be allowed to compete. Sale of his portion of the club could offer a swift resolution but time is against Palace and they are expected to hear back from UEFA by June 30. Earlier on Wednesday, Mike Keegan reported that 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. To exacerbate the situation, David Blitzer's (another Palace stakeholder) 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. Such a scenario is not unlikely given what is at stake.
