John Textor is considering two offers and has serious interest from four other investors for his 45% stake in Crystal Palace as he attempts to accelerate his efforts to buy Everton.
The American has been on Merseyside this week for further talks with Everton’s owner, Farhad Moshiri, over a proposed takeover of the club, with a deal expected to be agreed by the end of the week. Textor became the third party to be granted a period of exclusivity by Blue Heaven Holdings, the company that owns Everton, last week after reigniting his interest in the club when a deal with the Friedkin Group was called off.
The leading obstacle regarding Textor’s offer is that he is required by Premier League rules to sell his shares in Palace in order to buy Everton – a process that is being handled by the American bankers the Raine Group, which has overseen takeovers at Chelsea and Manchester United in recent years. He paid £87.5m for a 40% stake in Palace in 2021 before extending it to about 45% when he bought the French club Lyon a year later through his company, Eagle Football Holdings.
However, it is understood that Textor’s total investment in the south London club is 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 the chair, Steve Parish, retaining overall control.
While he is thought to be keen to recoup his investment, Textor could be willing to accept a slightly discounted price in order to expedite his move for Everton. The offers under consideration are the result of a process that began in May which has seen several prospective investors show an interest, including one from the Middle East and another said to be a sports-celebrity-backed group from the US.
Textor is also believed to have held discussions with compatriots Josh Harris and David Blitzer – who already own 18% stakes in Palace – about buying his shares, although they have yet to table an official offer. The owners of the Washington Commanders were reported to have sold their 5% shares in the Pittsburgh Steelers this week to comply with regulations over multi-club ownership in the NFL.
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Last week Parish said he would not try to stop Textor leaving. “He wants a club that plugs into that where he controls everything that happens. We don’t think that is right for us as a club right now,” he told the BBC. “We do collaborate with his clubs where we can. He wants to go and do something else, we’re helping him do that.”
Source: theguardian.com
