Palace agree deal with US investors

Crystal Palace have announced a deal with American investors that will see an "initial £50m injection of capital" into the Premier League club.

Josh Harris and David Blitzer, who also own controlling stakes in the NBA's Philadelphia 76ers and the NHL's New Jersey Devils, now hold an 18 per cent stake apiece in the Eagles.

An official club statement read: "Crystal Palace Football Club is delighted to announce that it has today signed a deal with investors Josh Harris and David Blitzer.

"The deal will see chairman Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure.

"They will be joined by a number of other investors in a limited partnership that will include current CPFC2010 shareholders, Stephen Browett, Jeremy Hosking and Martin Long, who will all retain a substantial shareholding.

"All shareholders have agreed an initial £50 million injection of capital for the development of the stadium, with more to follow. This will give fans the first-class facilities they deserve.

"The deal offers the club the best opportunity to build on the enormous progress made over the last five years, during which time it has come out of administration and established itself as a thriving, financially secure member of the Premier League.

"It ensures that, while overseas investors are joining us, the heart and soul of the club remains in south London."

In a joint statement, Harris and Blitzer said: "We couldn't be more excited to be joining the Crystal Palace family. We were drawn to the club's rich history, exciting brand of football, strong leadership and, above all, its passionate fans.

"We look forward to supporting Steve in his role as the operating co-owner and leader of the club. Crystal Palace has a storied legacy, a bright future and we're proud to become a part of it."

Comments