Crystal Palace able to splash the cash this summer after making wealthy American entrepreneur John Textor the club’s fourth co-owner… with debt reduced by £50m and extra £40m raised helping them to reshape their squad – and MORE signings are likely
- Wealthy entrepreneur John Textor has become Crystal Palace’s fourth co-owner
- His arrival helped the club reduce debt and spend money in the transfer window
- Knowledge about the investment saw Marc Guehi and Joachim Andersen signed
- Textor was founder of hologram company Facebank and also bought out fubo TV
Crystal Palace have financed potentially their boldest summers in the transfer market by making a wealthy American entrepreneur the club’s fourth co-owner.
The arrival of John Textor allows Palace to reduce their debt by £50million. But an additional £40million raised through Textor and existing shareholders also allows them to reshape the squad in a summer which has put them at a crossroads.
Knowledge that the new investment was coming has already allowed Palace to spend £23.3m on Marc Guehi and nearly £17.5million on Joachim Andersen – both central defenders – this summer.
Crystal Palace have spent heavily after making entrepreneur John Textor their fourth co-owner
Defender Marc Guehi (pictured) arrived for £23.3m with the club aware of the new investment
Palace have also added exciting midfielder Michael Olise for around £8m from Reading plus goalkeeper Remi Matthews on a free and midfielder Connor Gallagher on loan from Chelsea.
And they remain in the market for further signings with a striker and winger thought to be among their targets in the remainder of the window.
After joining on the Palace board, Textor said: ‘I have looked at many opportunities across European football in which to invest so I could follow my passion for football and have a meaningful stake in a club.
‘Over the past six months of discussions, I have also developed a real affinity to Crystal Palace F.C, its history, the staff and, of course, most importantly the supporters who create an incredible atmosphere at every game – one I cannot wait to witness again when supporters return to fill Selhurst Park this season.
‘I very much look forward to working with the Chairman and the other partners.’
Patrick Vieira has been able to reshape a squad previously at a crossroads for the new season
Sportsmail revealed in June how new manager Patrick Vieira could have up to £80m to spend this summer.
Palace have not been banking on revenue raised from the sale of Wilfried Zaha, who is still at Selhurst Park with the curtain raiser at Chelsea just three days away.
They are realistic about Zaha’s ambition but they would love him to stay and there is some hope that their investment this summer might actually make that idea more appealing.
Textor was initially thought to have wanted to buy Palace outright. But the club’s three existing owners – Steve Parish, Josh Harris and David Blitzer – were keen to explore how he might help them spend a higher percentage of the club’s income and spread the financial risk involved more widely.
Harris and Blitzer are both thought to remain committed to working with chairman Parish at Selhurst Park.
Textor’s investment has allowed the club to complete work on the academy. The reduction of debt will also make it easier to find finance to develop Selhurst Park – a key part of Parish’s vision for his boyhood club, which he rescued from financial oblivion 11 years ago.
Palace’s three owners, including Steve Parish (above), wanted to spread out the financial risk
This is a very different form of investment than the leveraged model seen at Burnley, where new owner Alan Pace borrowed £80milllion from an American technology billionaire to take control. Interest payments at Turf Moor will eat into revenues.
Though Palace’s appointment of Vieira as manager is widely seen as proof of a commitment to youth, there is an acceptance at the club that results are more important than anything.
It has been a challenging summer, with around ten players out of contract as the new manager arrives. Andros Townsend, Patrick van Aanholt, Mamadou Sakho, James MCarthy and Gary Cahill have all left.
Textor was founder of hologram company Facebank and bought out fubo TV, a US-based sports streaming business, when it was in trouble.
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