As of Wednesday night, an American business group led by Josh Harris and David Blitzer have secured a majority stake of the club- estimated to be £100 million, as reported via Sky Sports.
Harris and Blitzer already own the NBA’s The Philadelphia 76ers, the NHL team, the New Jersey Devils and now have made a huge play to dip into the British market. The £100 million buy is reported to be part of not only a buy up of shares, but also a £50 million injection into Palace’s stadium redevelopment. With an impressive start to the season, Pardew is looking to add quality to Palace’s squad. The £50 million cash injection will surely help in the upcoming transfer window.
The deal was stalled earlier in the year due to the Premier League’s new TV deal, but the new deal will see a reported 70% of shares changing hands. Although Harris and Blitzer will take a majority share in the club, Steve Parish will maintain his current stake and will be in charge of the daily running of the club. Previous majority shareholders, Stephen Browett, Jeremy Hosking and Martin Long will keep their stakes, but at a reduced amount.
This deal will help Parish push through the stadium redevelopment Selhurst Park desperately needs, and Blitzer and Harris join, Stan Kroenke, Randy Lerner, The Glazers and John Henry as major American investors in football.
