Crystal Palace part-owner John Textor has reportedly signed an agreement to sell his stake in the club to New York Jets owner Woody Johnson. The American, who is all too familiar with MLS soccer odds, also owns Brazilian side Botafogo and Ligue 1 club Lyon.
The deal, believed to be worth nearly £190m, is subject to Premier League approval. Insiders with knowledge of the negotiations have indicated that the American businessmen have signed documents to confirm the sale. However, the takeover must be cleared by the Premier League, including Johnson passing the owners' and directors' test.
Crystal Palace now set for European adventure?
It remains to be seen whether the deal boosts Palace's fight to be cleared to play in European football next season. Palace could lose their spot in Europe, earned by winning last season's FA Cup, based on Textor's perceived involvement at Selhurst Park.
However, their chances of qualifying will be greatly increased by this sale.
European football's governing body, UEFA, is ascertaining whether Palace breached its rules regarding teams under one multi-club ownership structure competing in the same European competition, given Textor has a stake in French club Lyon, who have also qualified for the Europa League.
Who is Woody Johnson?
Woody Johnson, 78, is a former United States ambassador to the United Kingdom who bought the NFL's New York Jets in 2000. He is one of the heirs of the Johnson family that founded the Johnson & Johnson pharmaceutical company. The Bloomberg Billionaires Index estimated his wealth at about £6.8bn ($9.18bn) in 2024.
Palace have drawn interest from other parties in America, too. Well-placed sources have indicated that a globally renowned entertainment giant based in Florida has shown an interest, while another consortium that includes the NBA star Jimmy Butler has also been linked.
Sources close to investment vehicle Sportsbank, which was named as the preferred bidder to buy into Textor's Eagle Football Holdings group at one point last year, have also shown an interest in making an offer.
UEFA is expected to decide on whether Palace can participate in the Europa League by the end of June. This decision could potentially be influenced by the process of Textor selling his stake in Palace, and likely will be.
The sale of John Textor's stake in Crystal Palace to Woody Johnson could have significant implications for the club's future in European football.
