The race to acquire a significant stake in Premier League club Crystal Palace has intensified, with two leading contenders emerging from a crowded field of potential investors. An international consortium and a billionaire tech entrepreneur have pulled ahead in the battle to purchase the 46% stake currently held by John Textor’s Eagle Football group, with offers reportedly exceeding £200 million.
International Consortium Steps Up
Leading the charge is an international consortium fronted by two lifelong Crystal Palace supporters, Zechariah Janjua and Navshir Jaffer. The group, operating under the newly-formed Sportsbank company, has assembled a diverse array of investors from the United Arab Emirates, North America, Canada, and Europe.
Renowned football financier Keith Harris, who has previously orchestrated takeover deals at West Ham, Manchester City, and Aston Villa, is advising the Sportsbank consortium in their pursuit of Textor’s shares. The group’s passion for the club and international backing make them a formidable contender.
Billionaire Entrepreneur Enters the Fray
However, the consortium faces stiff competition from Stanley Tang, the 31-year-old co-founder of food delivery giant DoorDash. Tang, an avid poker player with an estimated fortune of $1.1 billion as of 2022, is said to be highly ambitious about the prospect of investing in Crystal Palace.
Despite initial denials from DoorDash, sources close to the deal confirm that Tang has engaged in discussions with Palace chairman Steve Parish and is willing to match Textor’s asking price of around £220 million. An unknown partner is expected to join Tang in his bid for the club.
Rejected Offers and Potential Plot Twists
As the bidding war heats up, a cash offer from Saudi Arabian investors has reportedly been turned down in recent days after failing to meet Textor’s valuation. Meanwhile, current Palace shareholders David Blitzer and Josh Harris are rumored to be considering matching any successful bid, adding another layer of intrigue to the unfolding drama.
We expect to identify a finalist and buyer in early November 2024.
– Statement from Eagle Football
The Raine Group, the investment bank handling the sale, is expected to help resolve the situation within the coming weeks. Eagle Football’s recent statement regarding their plans for a public listing on the US stock market in early 2025 hinted at a looming decision, noting, “We expect to identify a finalist and buyer in early November 2024.”
Textor’s Vision and Palace’s Rising Value
For John Textor, the sale of his Crystal Palace stake is a crucial step in his ambitious multi-club ownership model. The American businessman, who also holds stakes in Lyon, Botafogo, and RWD Molenbeek, is believed to view the acquisition of an English club as a key component of his global football portfolio.
Textor’s total investment in Crystal Palace since 2021 is thought to be approaching £150 million, a period that has seen the club’s valuation soar to £624 million, according to a Forbes estimate in May. This increase in value is attributed to the team’s success both on and off the pitch, despite a slow start to the current Premier League season.
Undeterred Investors and Palace’s Promising Future
The club’s recent struggles, including a winless start to the Premier League campaign, have not deterred prospective investors. Palace’s EFL Cup quarterfinal berth and their first league victory of the season last Sunday have helped maintain interest in the club.
As the battle for control of Crystal Palace reaches its climax, fans and observers alike are eagerly awaiting the outcome. With an international consortium and a Silicon Valley billionaire leading the charge, the future of this proud South London club promises to be as exciting off the pitch as it is on it.
