December 18 – More American money is joining the Premier League ownership roster with Josh Harris and David Blitzer, owners of NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, spending $100 million to buy a controlling stake in south-east London club.Crystal Palace.
The acquisition marks a significant turnaround for Palace which was rescued from bankruptcy in 2010 with chairman Steve Parish (pictured) taking the lead role.
Parish will reduce his stake to 18% alongside Harris and Blitzer but will remain in operational control.
The remaining 46 per cent will be held by a combination of the three existing CPFC 2010 investors and other American investors. Palace co-owners Steve Browett, Martin Long and Jeremy Hosking will reduce their shareholding.
Parish said: “Josh, David and I will control the club, and then the guys who were in before, who’ve been brilliant, will reduce their shareholding.
“It’s a new era for the club. We need to be clear about that. The ownership structure is changing, but I still have day-to-day control and can stop anything from happening…We are getting fresh capital and fresh ideas into the club, and that does come with a say.
The new money will not used on a player spending spree but to kick-start the redevelopment of the club’s Selhurst Park stadium. Plans are at an advanced stage and with the new money can now be advanced.
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