Textor’s Palace stake sold to Jets’ Johnson in £190m deal

New York Jets owner Woody Johnson has signed a “legally binding contract” to buy John Textor’s 43% stake in Crystal Palace in a deal believed to be worth close to £190m.

Palace confirmed the news in a statement on Monday, but it has yet to be announced whether it boosts the club’s fight to be cleared to play in next season’s Europa League.

Palace said the deal is pending approval from the Premier League and Women’s Super League.

Sources close to the process have told BBC Sport that work towards Johnson passing the Premier League’s owners ‘ and directors test started about two weeks ago.

“We do not envisage any issues and look forward to welcoming Woody as a partner and director of the club”, the south London club said.

“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”.

Eagle Football Holdings – the multi-club company owned by Textor – bought a stake in Palace in 2021 for around £90m.

There is hope at Selhurst Park that their efforts to accelerate Johnson’s takeover at domestic level will provide further proof to Uefa that they are doing everything in their power to fall in line with European football governing body’s rules regarding multi-club ownership structures that has left their place in next season’s Europa League at risk.

It is understood that American businessman Johnson indicated he can transfer the funds quickly.

This is believed to have been a crucial factor in why his offer was favoured ahead of two other interested parties, given the predicament in which Palace find themselves.

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

Uefa has been considering whether Palace breach its rules about multiple teams under one multi-club ownership structure competing in the same European competition.

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

It is understood Johnson and current Palace chairman Steve Parish have already spoken at length.

Palace are hopeful that Johnson gaining the green light from the Premier League will be a formality given his public profile and that proof of funds are easily traceable.

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 Johnson family’s heirs who founded Johnson &amp, a pharmaceutical company.

His wealth, according to the Bloomberg Billionaires Index, was estimated to be around £6.8 billion ($9.18 billion) in 2024.

By the end of June, Uefa is anticipated to make a decision regarding Palace’s eligibility for the Europa League.

Clubs were given until the end of March to change their ownership structures in accordance with the multi-club ownership regulations, but Palace missed the deadline.

In time for the City Ground club and Olympiakos, who are both owned by the Greek businessman, qualifying for the Champions League, owner Evangelos Marinakis changed ownership of his side in time for Uefa’s deadline.