The Political Economy of Football V2

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...

The US billionaire owners of Crystal Palace are exploring a sale of the south London football club, in what would make it the latest Premier League side to change hands in English football’s top flight. According to people with direct knowledge of the matter, speaking to the Financial Times, the club is working with bankers at Raine Group to handle the process and is open to a variety of options including a full sale. T The people added that other options for securing new capital were also on the table. The club’s current ownership group includes Apollo co-founder Josh Harris, former Blackstone executive David Blitzer and Woody Johnson, a member of the family behind the Johnson & Johnson healthcare empire. The trio are designated as “significant shareholders” alongside British businessman Steve Parish, who has been executive chair of the club since 2010 and is a life-long Palace fan. Harris and Blitzer together control 30 per cent, while Parish has 10 per cent. Johnson, who o...

Crystal Palace neat Manchester City in the FA Cup final at Wembley almost 15 years to the day since the club was rescued from looming liquidation by a group of four local fans, its second escape from near-ruin in just over a decade.  Now part-owned by Apollo co-founder Josh Harris, Blackstone executive David Blitzer and tech entrepreneur John Textor, it has held its place in the Premier League since being promoted 12 years ago, despite a budget dwarfed by many of those around it.  Manchester City, owned by Abu Dhabi, is the second-richest club in global football, with revenues last year of €838mn, according to a study by Deloitte that ranks all clubs in euros. Crystal Palace is 26th on the list with just €219mn. So far, riches have correlated with trophies: during Crystal Palace’s 12-year Premier League spell alone, City has notched up seven Premier League titles, six League Cup victories, two FA Cup trophies and one Champions League. In contrast, this is Palace’s second c...

Crystal Palace have received updated planning permission for their Main Stand redevelopment which will increase capacity at Selhurst Park to 34,000:  https://londonnewsonline.co.uk/crystal-palace-obtain-planning-permission-for-main-stand-development-which-will-boost-stadium-capacity-to-34000/

Crystal Palace chairman Steve Parish has assured fans that he 'won't rest' until the new stand at Selhurst Park is built. It will increase capacity from 26,000 to more than 34,000. That will cost up to £100m, but is surely worthwhile as the extra income will help Palace to consolidate in the top flight, as well as boosting the prestige of the club. However, negotiations are still going on with Croydon Council over the funding of transport and community improvement initiatives. Public transport links, and clearing crowds after games, are a challenge for most London clubs, e.g., at Tottenham Hotspur's new stadium.

The authoritative Swiss Ramble takes an in depth look at the finances of Crystal Palace. The club posted a £35.5m loss before tax, compared to an £11.8m profit the prior year, mainly due to profit on player sales falling £32m to just £2m, though revenue grew £7.6m (5%) from £142.7m to a club record £150.3m. Loss after tax was £33.4m, thanks to a £2.1m tax credit. The £8m revenue growth was very largely driven by broadcasting’s £4m (4%) increase from £117m to £121m, mainly due to increased prize money for finishing 11th, while commercial also increased £3.1m (21%) from £15.2m to £18.3m and match day was up £0.3m (2%) to £10.9m. Revenue has grown £48m (48%) from £102m to £150m in the last two years. Most of this growth (£43m) was due to new Premier League TV deal in 2017, but commercial is also up £6m (54%), while gate receipts dropped £1m (9%). A chunky 81% of Crystal Palace revenue came from TV (£121m out of £150m), though in fairness it should be noted that no fewer than 12 of th...

Crystal Palace would be open to selling naming rights for their redeveloped Main Stand at Selhurst Park which has not undergone a major refurbishment since 1924. However, they insist that they would never be part of the prawn sandwich brigade: New main stand The new stand will expand the capacity of their stadium from 26,000 to 34,000 and will cost £100m. Chairman Steve Parish and American co-owners Josh Harris and David Blitzer have committed to redeveloping Selhurst Park and the project will go ahead whether or not Palace stay in the top flight. Parish said, 'We want to leverage the London-based high-end supporter and then put in as much general admission as we can and keep the cost low for the normal supporter. We are not being over ambitious about the corporate support we want.'