A proposed takeover of Crystal Palace F.C by American billionaire Josh Harris and his consortium have broken down according to reports in the Financial Times this afternoon.
Talks about a possible takeover have been much discussed in the terraces this season with first reports of a possible deal emerging in November last year that the group were interested in the club, it was then revealed by the Financial Times in mid-march that talks were at a “late-stage” which were supported by a reported visit of a representative to Selhurst Park for the Premier League clash against Newcastle United just a month before.
At this stage, it is unclear why the deal broke down with the report in the FT claiming that their sources were unsure whether the consortium were attempting to salvage a deal with the club or were looking to acquire another club in the Premier League, something that has always been on their mind with Aston Villa being a previous target.
Another source to the Financial Times claimed that Steve Parish and co may have looked for better terms from the consortium over a possible deal for the club after a £15bn deal was struck between the Premier League and broadcasters for TV rights for the next three years.
It was widely expected that the takeover would have been completed by the end of the season, in time for transfer budgets and other potential investments around the clubs infrastructure to be made with Crystal Palace’s Beckenham training ground needing some TLC as well as Selhurst Park that has seen a number of improvements made to it under the stewardship of CPFC2010.
In March, Steve Parish said that he is always looking for ways to bring more investment into the club to help it progress as quickly as possible and that he would only sell the club to the right people and that there was no rush in looking for the right investment.
If I can find a way of bringing in more investment into the club maybe some new ideas, getting things from other sports, I’m here to move this football club forward as fast as I can. That’s what I wanted to do five years ago, it’s what I want to do now and it’s what the other three guys want to do.
“I haven’t given up five years of my life to this to end up back in the Championship in exactly the same place as we were. That wouldn’t be success for me, it wouldn’t be success for Alan and it has taken me a long time.
“I’ve got to look at the right thing, the right partners, the right people – everything has to be right. There’s no rush.
“People don’t know who I’m talking to or what I’m doing, they’re just speculating. For some reason it has blown up recently against because people think they know things, some people are right and some people are wrong. What isn’t right is anything is imminent. If it was right it could happen very quickly, whilst it’s not right it won’t happen.
“There’s nothing different today then there was six months ago. People want to be the one that has the knowledge; when the time is right we will announce it. Chelsea was apparently sold in three days – it could be three days time, it could be three months time or never.”
What are your thoughts on the latest reports? Is the club in need of a greater level of investment? Comment below.
