Unlock Editor’s Digest Lock for Free
FT editor Roula Khalaf will select your favorite stories in this weekly newsletter.
American businessman John Tector has agreed to sell around 45% of Crystal Palace to Woody Johnson in a deal that will clear the way Premier League clubs will compete in Europe next season.
Those familiar with the issue say the deal will value Crystal Palace at £555 million.
Johnson, the billionaire owner of the New York Jets NFL franchise and former U.S. ambassador to the UK, will be joining a Crystal Palace owner group that includes Apollo co-founder Josh Harris, Blackstone Executive David Blitzer and Club Chair Steve Parish.
Another person close to the situation said the deal would be announced soon today.
The sale comes as Crystal Palace owners are trying to persuade UEFA, the governing body of Europe’s football, to allow the clubs to compete in the Europa League next season. Tottenham Hotspur won around £26 million in competition last season.
Crystal Palace celebrates its FA Cup victory last month. This is the victory that secured the team’s spot in the Europa League next season.
Despite winning the spot last month by winning the FA Cup, the first major trophy in its history, Textor’s French Club Olympic Lyon ownership also played in the Europa League, but threatens to deny the palace in competition.
Global governing bodies, UEFA and FIFA, have rules banning two clubs where the same owners compete against each other in the same competition. Crystal Palace has tried to show UEFA that despite being the largest shareholder, the texts have not had a decisive impact on the club.
The uncertainty about Crystal Palace’s location in the Europa League underscores the increased risks regarding multiclub ownership. According to UEFA, 17% of Europe’s top football clubs were mutually owned with another team at the end of 2024.
Crystal Palace Chair Steve Parish, left, Johnson Club’s home ground, Selhurst Park, last month © Imago/Focus Images/Reuters
Legal scrutiny of the model has grown after FIFA chose to eject Club Leon from the Club World Cup. Another team in the contest, CF Pachuca, has the same owner.
Textor tapped Merchant Bank Raine Group over a year ago to find buyers of Crystal Palace stocks. The sales process has been accelerated in recent weeks to unleash the South London Club from the multiclub network of text. This includes Botafogo on the Brazilian side, formerly known as RWD Morenbique, and Club Darling Brussels in Belgium.
After French football regulators have raised concerns about the club’s debt levels, the text is also under pressure to raise funds for Lyon in France. Part of the plan filed to ease the financial burden was to divert revenue from the sale of his shares at Crystal Palace.
Johnson purchases require approval from the Premier League. This is a process that usually takes several weeks. UEFA is expected to issue a verdict in the coming days.
If approved, Johnson, who acquired the New York Jets for $635 million in 2000, will join the ranks of rich US investors in Premier League clubs who already have existing interest in the sport. Forbes estimates the New York Jets are currently worth $6.9 billion.
