John Textor, co-owner of Crystal Palace, announced on Friday that he plans to sell his majority stake in the Premier League club.
Textor currently owns a 45% share in the club through his company, Eagle Football Holdings, and has appointed the Raine Group to help find a suitable buyer.
In addition to his involvement with Crystal Palace, Textor holds majority ownership in three other football clubs – French side Lyon, Brazilian team Botafogo, and Belgian club RWD Molenbeek.
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While expressing pride in his role in Palace’s recent progress, Textor acknowledged that the club’s independent management structure and consistent leadership have established a rare sense of stability in modern Premier League football.
He admitted that Eagle Football’s multi-club ownership model does not perfectly align with Crystal Palace’s operational approach, but remains confident that there will be significant interest from potential investors.
Under head coach Oliver Glasner, the team has shown impressive improvement this season. Since Glasner replaced Roy Hodgson, Palace has climbed out of the relegation zone to reach 10th place, driven by an energetic and youthful squad that hints at a promising future.
According to the BBC, the American businessman remains eager to stay involved in English football and could explore the possibility of purchasing Everton if the current talks with 777 Partners collapse.
However, Eagle Football would need to sell its existing stake in Crystal Palace before acquiring another Premier League club.
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