By Abigail Withey

Former Arsenal captain Tony Adams has made an agreement to buy Crystal Palace with IMG and Chelsea chief Paul Smith, according to a recent report.

The Daily Star has revealed that Adams and Smith have been looking to put together some investors to take over the club and have been successful in securing a £200 million deal at Selhurst Park.

The newspaper revealed on their website that the Arsenal legend had previously been in talks with Aston Villa and Sunderland but landed the deal with Frank de Boer’s side.

It is understood that the ex-Arsenal skipper has secured the backing of European investors for the mega-money take over.

The report claims that the former defender has had previous ties with Chinese businessman Jiang Lizhang, who bought Spanish club Granada last summer and put Adams at the helm in April.

However, under Adams’ management the Spanish side crashed out of the La Liga competition after losing all seven games under the former Gunner.

Adams grew through the ranks from the Arsenal academy into the senior squad and spent nearly 20 years at the club before eventually retiring in 2002.

In other Arsenal news, this 28-year-old has made the decision about his future at the Emirates.