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Palace owner eyes Everton

The American businessman John Textor is reportedly selling his 45 per cent stake in Crystal Palace with a view to buying Everton.   The period of exclusivity for the troubled 777 Partners ends on 31st May.

Textor’s Eagle Football owns a 45 per cent stake in Palace but he says he has now sought the help of investment banking firm Raine to find a suitable investor to purchase the group’s share in the club.  He is looking to sell after failing to take a majority shareholding in the club amid differing views over the multi-club model in particular, with Eagle Football owning majority stakes in Brazilian first division side Botafogo, Belgian side RWD Molenbeek and Ligue 1 club Lyon.

Textor said in a statement on Friday that although he is “extremely proud” of his time at the club, “an integrated sporting model, such as ours at Eagle, is simply not a perfect fit for Crystal Palace”.

He added: “Based on early reaction to the process we have begun with Raine Group, it’s obvious that the momentum at Crystal Palace has not gone unnoticed. I feel extremely confident that a good number of prospective partners will jump at the chance to be a part of this promising future.”

“Yes (I’ve had conversations around buying Everton),” Textor told The Athletic. “With the existing constituents – different groups, different lenders, different equity holders.”

Before he can make any formal approach to Everton through Eagle, the group must first sell its share in Palace as Premier League rules forbid ownership of two clubs in the same division.

“Everton represents the best of English football: the struggles, the glory, the want. I love that it’s out of London. Everybody should want to buy Everton right now,” he said.

Palace are run by four general partners — chairman Steve Parish, Textor and fellow U.S. businessmen Josh Harris and David Blitzer.

In 2015 Harris and Blitzer each purchased an 18 per cent stake in the club to join Parish. Six years later, Textor became the fourth general partner when he took a 40 per cent stake after investing £87.5million.  He injected a further £30m ($38.5m) into the club last year to increase his shareholding by a further five per cent.

With Parish effectively the sole decision-maker at the club, Textor has grown frustrated over his lack of control, although he says the relationship is “civil”.  He previously hinted at being forced into a decision either to launch an offer to take over the club or sell his stake, but with no clear route to purchasing a majority in the club, he is now seeking to sell Eagle’s shareholding.

 

 


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