John Textor has sold a significant stake to Robert Wood 'Woody' Johnson IV _(Image: Crystal Palace)_
The co-owner of the NFL’s New York Jets has agreed to buy John Textor's stake in Crystal Palace.
Today (June 23), it was announced that Eagle Football Holdings – the multi-club company owned by Textor – has agreed to sell a 43% stake in the club to Robert Wood “Woody” Johnson.
Advertisement
Advertisement
The deal, reportedly worth close to £190 million, is awaiting approval from the Premier League and Women’s Super League before it can be completed.
Johnson, 78, is a former US ambassador to the United Kingdom and heir to the Johnson & Johnson pharmaceutical fortune.
He has owned the New York Jets since 2000 and has an estimated net worth of around £6.8 billion.
The sale comes as Crystal Palace face uncertainty over their participation in next season’s European competitions.
The club qualified for the Europa League by winning last season’s FA Cup.
However, UEFA is investigating whether Palace is in breach of its rules on multi-club ownership.
Advertisement
Advertisement
This is due to John Textor also holding a stake in French club Lyon, who have also qualified for the Europa League.
UEFA rules say a person or company can’t own big parts of two teams playing in the same European competition.
The BBC reported that Johnson’s ability to transfer funds quickly was a key factor in his bid being preferred, given the tight deadline for UEFA’s decision expected by the end of June
A spokesperson for Crystal Palace said: “Crystal Palace Football Club can confirm that Robert Wood Johnson, “Woody”, an American businessman and co-owner of the New York Jets, has signed a legally binding contract to purchase Eagle Football’s holding in the Club.
Advertisement
Advertisement
“Whilst the completion is pending approval from the Premier League and Women’s Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club.
“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.”