After months of speculation, an investment deal was finally struck between Josh Harris, David Blitzer, and Crystal Palace Football Club.
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The American businessmen, who own the NHL’s New Jersey Devils as well as the NBA’s Philadelphia 76ers, have purchased a majority stake in the South London Premier League club.
Palace chairman Steve Parish will continue to oversee day-to-day activities with the club, as the investment money will be put towards renovations to Selhurst Park and new training facilities.
Below is a section of a statement released on Crystal Palace’s club website. You can read the full statement here.
Crystal Palace Football Club is delighted to announce that it has today signed a deal with investors Josh Harris and David Blitzer. The deal will see chairman Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure.
They will be joined by a number of other investors in a limited partnership that will include current CPFC2010 shareholders, Stephen Browett, Jeremy Hosking and Martin Long, who will all retain a substantial shareholding.
All shareholders have agreed an initial £50m injection of capital for the development of the stadium, with more to follow. This will give fans the first-class facilities they deserve.
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.