Josh Harris and David Blitzer, owners of NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, investing $150 million to buy a controlling stake in south-east London club Crystal Palace.
The deal sees 70 percent of Palace shares changing hands – with chairman Steve Parish retaining an equal shareholding alongside Harris and Blitzer.
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Palace was rescued from bankruptcy in 2010 with chairman Steve Parish taking the lead role. Now Parish will reduce his stake to 18 percent alongside Harris and Blitzer but remains 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.
