Crystal Palace have hired Raine Group as they seek investment in the club at a valuation of £900million. The investment banking firm Raine will handle the process as they did when John Textor hired them to sell Eagle Football’s 43 per cent stake in the club, concluding a deal in July last year with the New York Jets owner Woody Johnson. Palace — owned by chairman Steve Parish, Johnson and fellow U.S. businessmen Josh Harris and David Blitzer — are looking for ways to fund the redeveopment of the club’s Selhurst Park stadium and any external investment would likely contribute towards that. Parish, told The New York Times last week that starting meaningful and major work on the stadium had taken longer than anticipated and that was in part due to finances not being in place yet, instead being redirected towards a playing squad which saw 11 new arrivals in the summer. “We’re looking at different ways of funding, but that will be in place,” he said. “We’re workin...
As a supporter of another Championship club, I get mildly irritated by the way in which The New York Times coverage of the highly competitive division focuses on Wrexham. But I suppose I am just jealous. Is Wrexham a model for other clubs? Or does it represent an unwelcome Disneyfication of football (soccer)? In the wake of events surrounding Manchester City, the answer might be a bit different from a few weeks ago. But, as Simon Kuper has argued, why not let foreign owners spend as much as they like on a franchise, particularly if the club is located in an area with economic and social challenges. Wrexham may be just 50 miles from Manchester, the so-called capital of the north, but it is a different world. The trend of Americans taking over British football is long established — two-thirds of Premier League clubs are now at least part-owned by US investors. But Wrexham’s new owners added an improbable twist. Using a documentary series that mixes an underdo...