John Textor Sells His Crystal Palace Stake for £190 Million as Woody Johnson Joins the Club

John Textor has exited his ownership of Crystal Palace by selling his 43% stake to Woody Johnson, owner of the New York Jets, in a deal valued at approximately £190 million. The transaction is pending approval from the Premier League.

Textor’s departure comes as Palace aims to secure their spot in European competitions next season following a historic victory in the FA Cup final. His ownership had previously cast doubt on Palace’s Europa League participation due to UEFA regulations concerning multi-club ownership, stemming from Textor’s ownership of French side Lyon.

Earlier this month, Palace officials, including Textor, traveled to Switzerland for a meeting with UEFA representatives to clarify that, with only 25% voting rights, Textor did not wield influence over club decisions. During the meeting, Textor indicated he was attempting to sell his stake, with Johnson emerging as a prominent buyer.

The deal, subject to league approval, signals a significant change for the club, which hopes this move will secure their eligibility for European football this coming season. Executives and stakeholders are optimistic that Palace’s participation in the Europa League is now assured.

Woody Johnson, a long-time owner of the Jets since 2000, is an heir to the Johnson & Johnson pharmaceutical empire and a known Republican donor. His involvement in Palace is expected to follow a similar voting structure as Textor’s, where he will hold a 25% voting stake despite owning 43%. Johnson’s wealth is estimated at around £7.38 billion, and he has expressed ambitions to bolster Palace’s European ambitions.

Johnson previously made unsuccessful bids for Chelsea in 2022. Apart from his business pursuits, he is noted for philanthropic efforts in medical research and export contributions to Ukraine through the Jets. His wife, Suzanne, has Ukrainian roots.