Crystal Palace confirms US investment in EPL club
19 December 2015, 10:27
London — English Premier League club Crystal Palace has confirmed a long-awaited deal with American sports tycoons David Blitzer and Josh Harris, who co-own the NBA's Philadelphia 76ers and the NHL's New Jersey Devils.
The duo, which had been in talks with the London team for more than a year about buying a stake, will join chairman Steve Parish in control at Selhurst Park.
"The deal will see chairman Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure," Palace said in a statement on its website late Friday
"They will be joined by a number of other investors in a limited partnership," it added. "All shareholders have agreed an initial 50 million pounds ($74.5 million) injection of capital for the development of the stadium, with more to follow. This will give fans the first-class facilities they deserve."
Palace, which is currently sixth in the league and plays at Stoke on Saturday, said 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," Palace said.
In the same statement, Blitzer and Harris said they "couldn't be more excited to be joining the Crystal Palace family."
"We look forward to supporting Steve (Parish) in his role as the operating co-owner and leader of the club," the pair said. "Crystal Palace has a storied legacy, a bright future and we're proud to become a part of it."