US investors acquire Crystal Palace stake

American investors Josh Harris and David Blitzer have bought a 36 percent stake in Crystal Palace, the London-based English Premier league club have announced.

The pair, who already own NBA team the Philadelphia 76ers and the NHL's New Jersey Devils, will join chairman Steve Parish in running the club, with each man owning an 18 percent stake.

"Crystal Palace Football Club is delighted to announce that it has today signed a deal with investors Josh Harris and David Blitzer," Palace said in an announcement late on Friday.

"The deal will see chairman Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure."

Harris and Blitzer will join Stephen Browett, Jeremy Hosking and Martin Long -- all members of Parish's CPFC2010 consortium of wealthy fans -- in a limited partnership.

All shareholders have agreed to make an initial £50 million ($74.5 million, 68.5 million euros) injection of capital to go towards the development of Palace's Selhurst Park stadium.

"The deal offers the club the best opportunity to build on the enormous progress made over the last five years, during which time it has come out of administration and established itself as a thriving, financially secure member of the Premier League," Palace added.

"It ensures that, while overseas investors are joining us, the heart and soul of the club remains in south London."

Palace manager Alan Pardew, whose side went into the weekend in sixth place in the Premier League, revealed this week that the deal had already been in the air when he took charge last January.

Parish said in a statement: "I'm delighted that Josh and David have agreed to make this investment and join me in shaping the future of Crystal Palace."

In a joint statement, Harris and Blitzer said they "couldn't be more excited to be joining the Crystal Palace family".

"We were drawn to the club's rich history, exciting brand of football, strong leadership and, above all, its passionate fans," they added.
Source: AFP