A bid to takeover Crystal Palace has been rejected and talks have broken down after months of negotiations with a Chinese Investment Fund, according to the Times.
The proposed deal collapsed after the two parties were some way apart in their valuation for the club with the Shanghai Naisi Investment Management Centre, who were looking to take over the club, failed to meet Palace’s £220m asking price.
It was revealed in April by the Times that there was significant interest in the club from the investment company who have invested a large amount of money in Chinese marketing company, Double-Edged Sports, who own Spanish club Granada.
It is believed that Shanghai Naisi paid a deposit of £4.5m to help facilitate the deal before understanding the club’s valuation. The Chinese company are unable to increase their offer at this stage with the government in China trying to reduce the amount of money leaving the country.
Steve Parish has been the main man behind Palace’s hierarchy since saving the club with CPFC2010 in 2010, saving the club from liquidation and has ever since been reluctant to give up his shareholding of the South London side.
However, the club’s American owners, David Blitzer and Josh Harris, who took hold of major shares in the club at the end of 2015, are said to be open to the idea of cashing in on their stake.
