Textor sells Palace stake to New York Jets owner

Crystal Palace part-owner John Textor has signed an agreement to sell his stake in the club to New York Jets owner Woody Johnson.

The deal is believed to be worth close to £190m, but it is yet to be announced whether it boosts Palace’s fight to be cleared to play in European football next season.

A statement from the Premier League club said: “Crystal Palace Football Club can confirm that Robert Wood Johnson, ‘ Woody’, an American businessman and co-owner of the New York Jets, has signed a legally binding contract to purchase Eagle Football’s holding in the club.

” Whilst the completion is pending approval from the Premier League and Women’s Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club.

“We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future”.

BBC Sport reported on Thursday that a deal was close for Johnson to purchase the 43% stake in Palace belonging to Eagle Football Holdings – the multi-club company owned by Textor.

Johnson, like any such major investor, will have to pass the Premier League’s owners ‘ and directors ‘ test.

It is understood that he indicated he can transfer the funds quickly, which is believed to have been a crucial factor in why his offer was viewed as the most favourable ahead of two other interested parties, given the predicament Palace find themselves with Uefa regarding their entry into next season’s Europa League.

Palace could lose their spot in Europe, earned by winning last season’s FA Cup, on the basis of Textor’s perceived involvement at Selhurst Park.

It remains to be seen whether the process of Textor selling his stake in Palace influences Uefa’s final decision.

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 &amp, Johnson pharmaceutical company.

The Bloomberg Billionaires Index estimated his wealth at about £6.8bn ($9.18bn) in 2024.