New shareholder may bring the money needed to redevelop Selhurst Park. CPFC Chairman Steve Parish confirms partnership with American investors is close to being reality.
Crystal Palace FC Chairman Steve Parish confirmed the club is in talks with new investor(s) from the United States. Primarily with Josh Harris, owner of NBA and NFL franchises. If the deal is struck, Harris and his partner David Blitzer would get as many shares as Parish has, 25%.
What this means is a financial boost, at least in the short term. Will it be enough to secure club’s current dreams of redeveloping Selhurst Park and building a football academy? Time will tell, but these are quite costly dreams.
Expanding and significantly upgrading Selhurst Park was estimated by the Chairman to cost £80 million ($122m / €113m). The academy means an additional £30m ($46m / €42.5m).
Both projects should significantly improve Crystal Palace’s position in the Premier League. Of course they’re both dependent at least partly on the successful negotiations with new investors.
Worth noting, this would make CPFC the 6th side in the league to have American capital. Still, CPFC stress it would still be mostly owned by English shareholders, which has long been uncommon in the Premier League.