Crystal Palace takeover: Boardroom source drops ‘surprise’ verdict on buyout
Everton’s former chief Keith Wyness has insisted becoming a minority investor at Crystal Palace is “attractive” despite John Textor struggling to sell his 45% stake.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 66-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – claimed it is a “surprise” that existing Palace shareholders David Blitzer, Steve Parish and Josh Harris haven’t stepped up to take full control.
Textor had been keen to sell his 45% Palace stake and buy Everton but has been gazumped in that process by The Friedkin Group, who are close to taking full control at Goodison Park.
The US billionaire’s Eagle Football group is now 16 weeks overdue in providing its accounts for the latest financial year – perhaps as a direct result of that uncertainty.
According to the Daily Mail (1 November), global sports firm Sportsbank have now stepped forward with a £230million offer for Textor’s stake – but a deal is still in the early stages.
Crystal Palace minority investment is ‘attractive’ proposition, says Wyness
When asked why selling Textor’s stake has proved so problematic, Wyness told Football Insider‘s Insider Track podcast: “It’s to do with voting shares rather than a straight percentage of how the shares are owned.
“As I understand it there are also conditions to do with Steve Parish as to how the football decisions are taking.
“For instance, Jim Ratcliffe has control at Man United despite only having a small percentage.
“It can be structured in several different ways.
“I think it’s still attractive to be a minority shareholder in a Premier League club like Crystal Palace.
“It’s just a case of the price. It’s only worth what someone is willing to pay, and that’s Textor’s problem.
“The existing shareholders at Palace haven’t stepped up, which surprises me – and Textor is continuing to market those shares.”
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