Crystal Palace, a renowned English Premier League club, has recently confirmed the completion of a significant shareholding purchase by Woody Johnson, owner of the New York Jets. This article will delve into the details of this new partnership and its implications for both parties involved.
Woody Johnson's acquisition of Eagle Football's stake in Crystal Palace marks an exciting new chapter in the club's history. The deal involves buying out fellow American John Textor's 43% stake in the London-based club. Although no financial specifics were disclosed in the official statement, earlier reports estimated that this transaction was valued between $220 million and $260 million.
Johnson expressed his honour and privilege to join Crystal Palace Football Club’s ownership group during an announcement on Thursday via their official website. He joins Steve Parish, Josh Harris, and David Blitzer as a partner and director of this esteemed football organization.
Crystal Palace is not just any football club; it has deep roots within South London’s community with a proud history and tradition spanning over 120 years. As stated by Johnson himself - who developed admiration for the team during his tenure as US Ambassador to United Kingdom - "It is an organization with a proud history, tradition, and deep roots in English football." The team finished 12th last season among 20 teams competing at Premier League level.
UEFA dispute
Despite these positive developments at board level, there are challenges ahead for Crystal Palace due to ongoing disputes with UEFA regarding their participation in European competitions next season following their FA Cup victory last May – their first major trophy win since inception.
The controversy arose when UEFA demoted them from Europa League to Conference League due to violations related to multi-club ownership rules. It was determined that as of March 1st John Textor had control or influence over both Crystal Palace and French club Lyon. In response, Crystal Palace has lodged an appeal with the Court of Arbitration for Sport. Textor confirmed that he had agreed to sell his stake in Palace to Johnson, but this move was unfortunately too late to satisfy UEFA's regulations.
The arrival of Woody Johnson as a new backer brings a fresh perspective and potential opportunities for Crystal Palace. However, the ongoing dispute with UEFA presents a significant challenge that needs resolution. As sports fans and sports betting enthusiasts alike watch these developments unfold, it will be interesting to see how this new era shapes the future of Crystal Palace Football Club.
