US-Saudi group enter exclusivity agreement for John Textor’s shares of Crystal Palace | OneFootball

According to a report from The Athletic, a group of US and Saudi Arabian individuals have entered into an exclusivity agreement with Olympique Lyonnais owner John Textor to purchase his 46% share in Crystal Palace.

The group consisting of people such as Jason Kidd (the head coach of the basketball team Dallas Mavericks) and former Roc Nation attorney executive Wajid Mir, have had a revised offer accepted for Textor’s minority shares.

The offer has reportedly been increased from an opening bid of £148.8 million, and as The Athletic writes, should the US-Saudi group meet the conditions of their exclusivity agreement, it will then be subject to the Premier League’s approval.

The news outlet further outlines that a race is currently ongoing as Sportsbank are interested in investing in the Premier League side. This is not with the aim of buying out Textor’s shares but it is believed to be with a longer-term view of helping the American businessman fund a full takeover of the club.

The Sportsbank bid represents Textor’s preference but it will likely come down to which of the two can demonstrate proof of funds first.

GFFN | Nick Hartland