Global investment firm Sportsbank is closing in on a deal with Crystal Palace owner John Textor to acquire his 45% stake in the Eagles. They could be in Selhurst Park soon.
According to the Daily Mail, the south London-based group, led by businessmen Zechariah Janjua and Navshir Jaffer, emerged as Textor’s preferred bidder in a transaction valued at £230 million.
Talks are reportedly advanced, with sources expressing optimism that the agreement could be finalised by February 2025. Textor is leaving Crystal Palace despite failing with his bid to buy Everton.
Sportsbank was recently confirmed as the preferred bidder, positioning the firm to take a crucial role in the Selhurst Park boardroom.
Key details of the deal’s structure are still under discussion. Negotiations will determine whether Sportsbank will acquire Textor’s 45% stake outright or invest in Eagle Football Holdings, the entity that manages Crystal Palace, as well as clubs like Lyon, Botafogo, and Molenbeek.
Either outcome would see Sportsbank joining forces with existing Palace co-owners Steve Parish and American investors Josh Harris and David Blitzer.
Despite Sportsbank being the frontrunners, other interested parties are still in the race and could throw last-minute hail marys.
Tech entrepreneur Stanley Tang, who has a reported net worth of £1.7 billion, and a consortium led by Morgan Stanley sports executive Bejan Esmaili are still monitoring developments.
Esmaili’s group includes former Roc Nation attorney Wajid Mir and Saudi Arabian businessmen Haider and Manor Syed. However, insiders suggest that only a collapse of Sportsbank’s plans would allow rival bids to gain traction.
Sportsbank’s bid is supported by high-profile football financier Keith Harris and Abu Dhabi and American investors.
The group has committed to making funds available for signings in the January transfer window, provided the deal progresses swiftly. The Eagles must sign potential game-changers in attack and reinforcement for the new three-man rearguard.
Textor is reportedly confident in Sportsbank’s ability to meet financial obligations and pass the Premier League’s owners and directors test.
