Two groups lead way in race to buy John Textor’s stake in Crystal Palace
Date: 2024-11-01
Crystal Palace have been valued at £624m. Photograph: Ian Stephen/ProSports/Shutterstock
Crystal Palace have been valued at £624m. Photograph: Ian Stephen/ProSports/Shutterstock
Two groups lead way in race to buy John Textor’s stake in Crystal Palace
Textor’s Eagle Football group hold 46% of club
Consortium and billionaire both in running
An international consortium, fronted by two Crystal Palace supporters, and billionaire food delivery entrepreneur Stanley Tang are the two frontrunners in contention to buy John Textor’s 46% stake in the south London club for more than £200m.
Football financier Keith Harris, who previously worked on takeover deals at West Ham, Manchester City and Aston Villa, has been advising a group led by Zechariah Janjua and Navshir Jaffer over their attempt to purchase the shares from Textor’s Eagle Football group. They are said to both be Palace supporters and represent investors mainly from the United Arab Emirates but also North America, Canada and Europe through a newly-established company called Sportsbank.
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But they face serious competition from Tang - a 31-year-old avid poker player who was born in Hong Kong and is now based in the United States. He co-founded food delivery company DoorDash in 2013 and was estimated to have a fortune worth around $1.1bn in 2022.
On Thursday, a spokesperson for DoorDash denied that Tang was in discussions to buy Textor’s stake when asked by Sky News but it is understood that he has spoken to the Palace chairman Steve Parish. He is said to be “highly ambitious” about potentially investing and is willing to match Textor’s asking price of around £220m, with an unknown partner also expected to be involved in any deal.
A cash offer from Saudi Arabian investors is believed to have been rejected in recent days after it failed to match Textor’s valuation, while there remains a possibility that David Blitzer and Josh Harris, two of Palace’s other shareholders, could decide to match any successful bid.
Sources close to the deal, which is being handled by The Raine Group, believe it is likely to be resolved in the next few weeks. A statement from Eagle Football on Tuesday that confirmed its plans for a public listing on the US stock market in the first quarter of next year said “we expect to identify a finalist and buyer in early November 2024”.
Textor, who came close to securing a deal to buy Everton during the summer and also owns Lyon, Brazilian league leaders Botafogo, and RWD Molenbeek in Belgium, is understood to have strong interest in unnamed clubs in the Premier League and Championship. He is believed to see the acquisition of an English club as crucial to his multi club model.
The American businessman’s total investment in Palace since 2021 is thought to be approaching £150m during a period that has seen the club’s value increase substantially thanks to their success on and off the pitch. Palace were valued at £624m by Forbes in May, although the situation is complicated by the fact that Textor’s stake only entitles him to one of four seats on the board, with Parish retaining the deciding vote.
