US billionaire John Textor sells stake in bid to save Crystal Palace’s European status | OneFootball

John Textor has sold his stake in Crystal Palace in a bid to meet Uefa’s rules and ensure the club’s participation in the Europa League next season.

The US billionaire has sold his 42.9 per cent stake to controversial tycoon Woody Johnson for around £200m, subject to approval from the Premier League.

This should clear the path for Palace to keep their place in Europe next term, satisfying Uefa that the FA Cup winners are not in breach of multi-club ownership rules.

The Independent understands that an official verdict from the European football governing body is expected in the coming days.

The Eagles’ first voyage into continental football was under threat due to Textor’s position at the club, due to the fact he also owns a 77 per cent stake in Ligue 1 outfit Lyon - who akin to Palace are competing in next season’s Europa League.

To prevent collusion, Uefa does not allow multiple clubs under the same owner to compete in one of its competitions, and in the case that two teams under a multi-club model qualify for the same tournament, the side that achieved the better finish in its domestic season gets priority. Lyon finished sixth last term and qualified via their league position, while Palace finished 12th.

Palace’s failure to adapt their shareholdings structure prior to the Uefa deadline of March 1 meant they were in breach of competition guidelines and could have been expelled from the Europa League.

Palace argued that their historic FA Cup triumph and subsequent Europa League qualification were achieved on their own merit rather than via the benefits of a multi-club system, and that the response to eject them from the competition would be disproportionate.

They also refuted that they operate under such a multi-club model - something Nottingham Forest wrote to Uefa to express concerns about - with Textor previously holding just 25 per cent of the voting rights.

It appears the club have now addressed the issue, with contentious New York Jets owner acquiring Textor’s stake. The Jets faced scrutiny last year after reports of “controversial and dysfunctional practices” under his watch.

Textor’s sale means the businessman is fully out of the Palace picture, losing all influence previously had at the club.