Stefan Borson drops Crystal Palace takeover claim after new twist
Crystal Palace co-owners Josh Harris and David Blitzer are still the most likely buyers of John Textor’s shares despite Sportsbank making a £230million bid for his stake.
That is the view of finance expert Stefan Borson, who exclusively told Football Insider his concern for Palace fans is there is currently little information on the group and who is behind the bid.
Textor had instructed merchant bank Raine Group to identify interested parties for his shares at Selhurst Park as he looked to secure an Everton takeover, but that deal has since fallen through.
The Daily Mail reported on 31 October Sportsbank is understood to have made a bid in the region of £230million for Textor’s shares, valuing the south London club at around £500million.
The investment group is made up of a collection of investors from North America, Canada, Europe and the Gulf, with Zechariah Janjua and Navshir Jaffer named on Companies House as persons with significant control.
Harris and Blitzer, who own 18-per-cent stakes in Palace, are believed to have previously seen an offer turned down by Textor.
Crystal Palace fans have little information on Sportsbank
Borson admitted it’s hard to see how any party looking to buy the American billionaire’s 45 per cent stake could be excited by the proposition without securing the other 55 per cent shareholding.
He told Football Insider: “The thing that would concern me for Crystal Palace fans at the moment is that you don’t really get a lot of information about Sportsbank.
“They are a newly formed shell. The reality is nobody knows who is behind the bid at the moment.
“The two individuals who are stated in the press do not seem to be the providers of the funding, so they seem to be the people fronting the investment vehicle, which is not the same.
“At this stage, I would be quite cautious about that story.
“Clearly, Textor has got Raine Group trying to source interested parties.
“I still think the most likely buyers are Harris and Blitzer, the owners of the other part of the equity because it’s just hard to see how a minority coming in is going to be that excited by the proposition without buying the other 55 per cent.”
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