Crystal Palace takeover: John Textor has broken promises as new update emerges
Crystal Palace co-owner John Textor has broken promises as he looks to sell his minority stake in the club.
That is the view of finance expert Stefan Borson, who exclusively told Football Insider the current takeover talk surrounding the south London side doesn’t make much sense.
Textor had instructed merchant bank Raine Group to identify interested parties for his 45 per cent stake at Selhurst Park as he looked to secure an Everton takeover, but that deal fell through.
The American billionaire told Sky Sports on 12 September his Eagle Football Group was “into the final week or two of knowing who the buyer will be” for his Palace shares.
The Daily Mail reported on 18 December Sportsbank is on the verge of agreeing a £230million deal with Textor.
But the newspaper said the structure of the deal is still to be finalised, with discussions ongoing with the global investment firm over whether it will purchase the shares at Selhurst Park outright or purely invest in Eagle Football.
Textor’s company announced on 19 December it was postponing its annual general meeting, which was scheduled to take place on 20 December.
Crystal Palace takeover suggestions don’t make sense
Borson suggested people will be starting to question the truth after little has happened on the takeover front despite Textor’s promises.
He told Football Insider: “The fact they have postponed the AGM does suggest that something is brewing.
“But if you were to go back and look at the last six to nine months of Eagle Holdings and John Textor stories, there have been lots.
“There have been lots of promises about deals that were on the verge of being done and were two weeks away.
“The problem that Textor has got is that when you say a deal is two weeks away and then the two weeks comes and goes without anything happening, then people start to question what the truth is.
“He’s also talked about potentially doing a US IPO, which we are no closer to hearing about that.
“The reality is with Eagle, I think it’s best to wait and we will get the fine detail when they have actually done the deal.
“It doesn’t make a lot of sense what they are suggesting.”
In other news, Crystal Palace are plotting Archie Brown move.
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