Co-owner Textor formalises sale of ownership stake | OneFootball

Crystal Palace Palace co-owner John Textor has finalised an agreement to transfer his share in the club to New York Jets proprietor Woody Johnson, as the Eagles try to ensure they can compete in next season's Europa League.

The transaction, estimated to be around £190 million, awaits approval from the Premier League and, according to the BBC, it is uncertain if this deal will aid Palace’s effort to secure clearance to participate in Europe next term.

An agreement has been reportedly been finalised for Johnson to acquire the 43% ownership in Palace held by Eagle Football Holdings - the multi-club entity controlled by Textor.

The acquisition requires the Premier League’s endorsement, including Johnson successfully passing the owners’ and directors’ approval process.

It is reported that Johnson assured he could provide the payment promptly, a factor considered vital in why his bid was seen as the most attractive compared to two other contenders, given Palace’s delicate situation with UEFA over their qualification for next season’s Europa League.

Palace risks forfeiting their European berth, earned by winning last season’s FA Cup, due to concerns around Textor’s role at Selhurst Park.

UEFA, the governing body of European football, is investigating whether Palace have violated regulations regarding clubs under a single multi-club ownership competing in the same European tournament, as Textor holds a stake in French club Lyon, who also secured Europa League qualification.