‘John Textor doing everything he can to accelerate Crystal Palace takeover’
John Textor will now be doing everything he can to accelerate the sale of his Crystal Palace shares after a new twist has emerged.
Textor has agreed to sell his Palace shares to New York Jets owner Woody Johnson following weeks of speculation surrounding his position at Selhurst Park.
The American billionaire’s Eagle Football Holdings owns a 43 per cent stake in the Premier League side.
Textor also owns majority stakes in French club Lyon, Brazilian first division outfit Botafogo and Belgian side RWD Molenbeek.
The 59-year-old has moved to sell his Palace shares in recent weeks to allow them to play in the Europa League next season.
Textor’s ownership of Lyon has presented a stumbling block after the French side also qualified for the Europa League, with Uefa’s rules prohibiting clubs controlled by the same owners or directors from competing in the same European competition.
Crystal Palace waiting to hear Uefa verdict after new twist
Palace could now be cleared to play in the Europa League after Lyon have been relegated to Ligue 2.
They were provisionally demoted by the DNGC, which oversees the accounts of French professional football clubs, in November last year.
Textor and Lyon officials met with the DNGC on Tuesday (24 June) to try and resolve the matter, but they failed to convince the body the club had sufficiently improved their financial situation to lift the punishment.
In a statement, Lyon said: "With proven funds and sporting success that has earned us a place in European competition for two consecutive years, we sincerely do not understand how an administrative decision could relegate such a major French club.
"We will appeal to demonstrate our ability to provide the necessary financial resources to guarantee OL's place in Ligue 1."
Lyon’s relegation is expected to see them lose their sixth-place finish in Ligue 1 and, ultimately, their spot in next season’s Europa League.
Palace will still have to wait to hear Uefa’s take on the situation, with the governing body expected to rule on the matter this week.
| Club | Stake (%) |
| Crystal Palace (England) | 43 |
| Botafogo (Brazil) | 90 |
| Olympique Lyonnais (France) | 77.49 |
| RWD Molenbeek (Belgium) | 80 |
Crystal Palace takeover could take three months
Lyon’s financial struggles mean Textor will be doing everything he can to accelerate the sale of his Palace shares.
That might not be straightforward due to the time it can take for the Premier League to conduct its owners’ and directors' test.
Finance expert Stefan Borson told Football Insider it could be three months before Johnson’s takeover is ratified as Textor holds 25 per cent of the voting rights at Selhurst Park.
However, Johnson isn't expected to face any issues passing the test after formerly operating as the US ambassador to the UK between 2017 and 2021.
For more Crystal Palace and exclusive news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.