Crystal Palace takeover fails

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Talks over a planned takeover of Crystal Palace FC by a group of American businessman have broken down.   Advanced discussions between the club and an investor group led by US billionaire Josh Harris, co-founder of the private equity firm Apollo Global Management, have unravelled in the past several weeks.  

Talks over a planned takeover of Crystal Palace FC by a group of American businessman have broken down.   Advanced discussions between the club and an investor group led by US billionaire Josh Harris, co-founder of the private equity firm Apollo Global Management, have unravelled in the past several weeks.  

It is unclear whether Mr Harris and the group, which includes senior Blackstone executive David Blitzer, were trying to salvage a deal with Crystal Palace or whether they had their sights set on another club. The investor group had been in on-and-off talks with the club for much of the Premier League season, with discussions hampered at times by fears that Crystal Palace might be relegated.

Crystal Palace’s owners might have sought better terms after the Premier League struck a record television deal in February. 

Crystal Palace is owned by a consortium of its wealthy fans who brought it out of administration in 2010 and have helped revitalise its performance.   

Its four current shareholders are life-long fans of the club and include Jeremy Hosking, co-founder of investment fund Marathon Asset Management, and Martin Long, who set up Direct Line and Churchill, the UK insurance companies.

Despite the club’s improving fortunes, its training ground is sorely in need of investment, while its dilapidated stadium — Selhurst Park — requires a near-complete overhaul.