An international consortium, led by two Crystal Palace supporters, and billionaire food delivery entrepreneur Stanley Tang are the leading contenders vying to acquire John Textor’s 46% stake in the south London club for over £200m.
Football financier Keith Harris, who has previously been involved in takeover deals at West Ham, Manchester City, and Aston Villa, is advising a group headed by Zechariah Janjua and Navshir Jaffer in their bid to purchase Textor’s shares from Eagle Football. Both Janjua and Jaffer are reported to be Palace supporters and represent investors primarily from the United Arab Emirates, as well as North America, Canada, and Europe, through a newly-formed company named Sportsbank.
However, they face stiff competition from Tang, a 31-year-old poker enthusiast born in Hong Kong and currently based in the United States. Tang co-founded the food delivery giant DoorDash in 2013 and was estimated to be worth around $1.1bn in 2022. Despite a DoorDash spokesperson denying that Tang was in talks to buy Textor’s stake when questioned by Sky News, it is understood that he has conversed with Palace chairman Steve Parish. Tang is said to be “highly ambitious” about the potential investment and is prepared to match Textor’s asking price of approximately £220m, with an undisclosed partner also expected to be part of the deal.
A cash offer from Saudi Arabian investors is believed to have been turned down recently for failing to meet Textor’s valuation. Additionally, there remains a possibility that David Blitzer and Josh Harris, two other shareholders of Palace, could decide to match any successful bid. Sources close to the deal, managed by The Raine Group, anticipate a resolution within the next few weeks. Eagle Football’s statement on Tuesday, confirming plans for a public listing on the US stock market in the first quarter of next year, indicated that “we expect to identify a finalist and buyer in early November 2024”.
Textor, who nearly secured a deal to buy Everton during the summer and also owns Lyon, Brazilian league leaders Botafogo, and RWD Molenbeek in Belgium, is believed to have a strong interest in unnamed clubs in the Premier League and Championship. He views the acquisition of an English club as pivotal to his multi-club model. Textor’s total investment in Palace since 2021 is thought to be nearing £150m, a period during which the club’s value has significantly increased due to their on-field and off-field success. Palace were valued at £624m by Forbes in May, although the situation is complicated by Textor’s stake granting him only one of four board seats, with Parish holding the deciding vote.
This, along with Palace’s slow start to the season, is not deterring potential investors, as evidenced by Oliver Glasner’s side reaching the EFL Cup quarter-final on Wednesday after securing their first Premier League win of the season last Sunday.
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