Crystal Palace were on Friday night reportedly on the verge of being taken over by American billionaire Josh Harris.
The owner of the National Basketball Association’s Philadelphia 76ers was yesterday close to agreement to buy Palace from the Steve Parish-fronted CPFC2010, according to Bloomberg.
Co-chairman Parish could not be reached for comment on Friday night over a potential move that would make the south London club the latest to be taken over by an owner of a major US sports team.
Harris made his fortune after co-founding private equity firm Apollo Global Management, which bought the 76ers in 2011 and the National Hockey League’s New Jersey Devils just over a year ago.
He was linked this summer with a possible takeover at Aston Villa.
Parish, who led the most recent takeover of Palace in 2010, was said to have been lined up to remain at the club and run it for Harris.
Parish and his fellow investors helped steady the club’s finances after it was forced into administration and oversaw their return to the Premier League last summer.
Were Harris to complete a takeover, it would increase further American influence over the Premier League. The Glazer family owns Manchester United and the National Football League’s Tampa Bay Buccaneers while John Henry owns Liverpool and Major League Baseball’s Boston Red Sox. Stan Kroenke, the majority shareholder at Arsenal, also has the St Louis Rams, the Denver Nuggets, and Colorado Avalanche in his portfolio. Randy Lerner, who used to be the majority owner of the Cleveland Browns NFL franchise, is still in control at Aston Villa while Ellis Short has owned Sunderland since 2008.
Sal Galatioto, founder of Galatioto Sports Partners, who represented Comcast-Spectacor in its sale of the 76ers to Harris, told Bloomberg: “Josh obviously knows how to run pro sports franchises.
“It’s a very interesting investment that should be a very good one for him over the long run.
“English Premier League soccer is arguably the best soccer in the world and it’s very valuable media content. It’s growing in other parts of the world, especially North America.”
Palace are 16th in the Premier League, just a point above the relegation zone, having won two of their opening games this season.
They reappointed former manager Neil Warnock this summer following the controversial departure of Tony Pulis, who led them to their highest ever Premier League finish of 11th after taking charge when they had looked doomed to relegation.
That netted the club £74.5 million in television revenue and prize money.
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