Crystal Palace have agreed in principle a deal with American investors to take a 36 per cent stake in the club. The lead investor is Josh Harris, owner of the New Jersey Devils and Philadelphia 76ers. Talks have been taking place for some time, but stalled earlier in the year. An agreement is expected by Christmas.
Crystal Palace have agreed in principle a deal with American investors to take a 36 per cent stake in the club. The lead investor is Josh Harris, owner of the New Jersey Devils and Philadelphia 76ers. Talks have been taking place for some time, but stalled earlier in the year. An agreement is expected by Christmas.
Along with his business partner David Blitzer, Harris will take a 36 per cent stake in the club. This will allow the fans who took the club out of administration five years ago to remain in the driving seat.
Palace co-chairman Steve Parrish will retain a 18 per cent stake and run daily operations. The remaining 46 per cent will be split among the club’s other three existing shareholders: Churchill Insurance founder Martin Long, Marathon Asset Management’s co-founder Jeremy Hosking and Fair Vintners’ Stephen Browett.
Both Harris and Blitzer are involved in private equity. Harris is the co-founder of Apollo and David Blitzer is an executive at Blackstone.
The Selhurst Park ground has required upgrading for some time in line with Palace’s ambition to be the top club in South London, although transport links remain an issue. The money will enable the main stand to be replaced and improvements made to the Arthur Wait stand opposite.