English Premiership

Crystal Palace confirms US investment

2015-12-19 15:00
Crystal Palace (AFP)

London - American investors Josh Harris and David Blitzer have bought a 36 percent stake in Crystal Palace, the London-based English Premier league club have announced.

The pair, who already own NBA team the Philadelphia 76ers and the NHL's New Jersey Devils, will join chairperson Steve Parish in running the club, with each man owning an 18 percent stake.

"Crystal Palace Football Club is delighted to announce that it has today signed a deal with investors Josh Harris and David Blitzer," Palace said in an announcement late on Friday.

"The deal will see chairperson Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure."

Harris and Blitzer will join Stephen Browett, Jeremy Hosking and Martin Long - all members of Parish's CPFC2010 consortium of wealthy fans - in a limited partnership.

All shareholders have agreed to make an initial $74.5 million injection of capital to go towards the development of Palace's Selhurst Park stadium.

"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," Palace added.

"It ensures that, while overseas investors are joining us, the heart and soul of the club remains in south London."

Palace manager Alan Pardew, whose side went into the weekend in sixth place in the Premier League, revealed this week that the deal had already been in the air when he took charge last January.

Parish said in a statement: "I'm delighted that Josh and David have agreed to make this investment and join me in shaping the future of Crystal Palace."

In a joint statement, Harris and Blitzer said they "couldn't be more excited to be joining the Crystal Palace family".

"We were drawn to the club's rich history, exciting brand of football, strong leadership and, above all, its passionate fans," they added.

NEXT ON SPORT24X

What To Read Next

 

Read News24’s Comments Policy

Live Video Streaming
Video Highlights
Sport Talk

Fixtures
Saturday, 16 December 2017
Leicester City v Crystal Palace, King Power Stadium 14:30
Stoke City v West Ham United, Bet365 Stadium 17:00
Arsenal v Newcastle United, Emirates Stadium 17:00
Chelsea v Southampton, Stamford Bridge 17:00
Brighton & Hove Albion v Burnley, The American Express Community Stadium 17:00
Watford v Huddersfield Town, Vicarage Road Stadium 17:00
Manchester City v Tottenham Hotspur, Etihad Stadium 19:30
Sunday, 17 December 2017
West Bromwich Albion v Manchester United, The Hawthorns 16:15
AFC Bournemouth v Liverpool, Vitality Stadium 18:30
Monday, 18 December 2017
Everton v Swansea City, Goodison Park 22:00
Logs
Team P W PTS
Previous Results

Date Home Team Result Away Team
Vote

Who will claim the Premier League title at the end of the 2017/18 season?

 
 
Men
Women
Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Sport24 on Twitter

Follow Sport24 news on Twitter

Featured

The 2017/18 Absa Premiership season is under way. Can Bidvest Wits defend their title? Will Soweto giants Kaizer Chiefs or Orlando Pirates emerge victorious? Or will the bookies' favourites, Mamelodi Sundowns, taste success for a record eighth time? Stay glued to Sport24 to find out!

Latest blogs
 

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.