American businessman John Textor has announced his intention to sell his 45% stake in Crystal Palace, which he owns through his company Eagle Football Holdings. Additionally, he has expressed an interest in purchasing Premier League rivals Everton.
In a formal statement, Textor expressed his pride in being part of the resurgence of Crystal Palace but believes that the club would be better off as an independent entity. He acknowledged the steady management of the club and its rare sustainability in today’s Premier League. Textor emphasized that an integrated sporting model, such as the one at Eagle, is not a perfect fit for Crystal Palace.
To facilitate the sale of his stake in Palace, Textor has appointed the Raine Group to find a suitable buyer. He expressed confidence that potential partners would step in and continue the progress that has been made under his ownership.
Upon acknowledging coach Oliver Glasner for revitalising a young Palace side, lifting them out of the relegation zone and into 10th place in the Premier League, Textor noted a positive trajectory that bodes well for the future of the club.
Despite the plans to divest from Crystal Palace, Textor is eager to retain an interest in the Premier League. He confirmed that he has held discussions about a potential investment in Everton, expressing openness to resolving any existing confusion or issues surrounding the club’s ownership.
The prospective sale of Everton by Miami-based 777 Partners has faced delays, as the deal is subject to the approval of English soccer authorities. Textor has mentioned that he is closely monitoring the situation, but 777 Partners still has a contract in place. He also indicated that there are individuals close to the club who are also investing, emphasizing the need for resolving any issues and ensuring a welcoming environment.
It is important to note that the prospective sale of Crystal Palace and potential purchase of Everton for Textor’s company, Eagle Football, is contingent on the resolution of the existing ownership arrangements. This includes addressing any concerns regarding the suitability of the prospective owners, notably in light of legal and financial issues surrounding 777 Partners.
As of now, there are ongoing legal and regulatory considerations that may impact the sale of Crystal Palace and the acquisition of Everton. For instance, potential legal implications, such as a $600 million fraud lawsuit involving 777 Partners and the grounding of its Australian airline, have raised concerns about the group’s eligibility as a soccer club owner and the approval process by the Premier League.
In conclusion, John Textor’s plans to sell his stake in Crystal Palace and explore opportunities with Everton reflect the dynamics of ownership and investment in professional football. The complexities of such transactions underscore the importance of legal and regulatory due diligence, ensuring the long-term stability and success of the clubs involved. As the situation continues to develop, potential investors and football enthusiasts will be closely monitoring the outcomes of these negotiations.