Sportsbank, a group of investors fronted by two Crystal Palace supporters, has announced that it has signed an exclusivity agreement with John Textor’s Eagle Football Holdings – the south London club’s co-owner – and intends to make a “significant financial investment”.
A statement on Wednesday from Sportsbank, which is led by Zechariah Janjua and Navshir Jaffer and is understood to include investors mainly from the United Arab Emirates but also North America, Canada and Europe, confirmed that it has entered a period of exclusivity while due diligence is conducted. It is understood that they have agreed to invest around £230m in Eagle Football, which owns a 45% stake in Palace as well as French club Lyon, Brazilian side Botafogo and RWD Molenbeek in Belgium.
“Sportsbank intends to make significant financial and management investment in Eagle football with the backing of major international financial and strategic management investors who strongly support Eagles’ multi-club model,” the statement said.
Sportsbank is being advised by the football financier Keith Harris, who previously worked on takeover deals at West Ham, Manchester City and Aston Villa, although it remains unclear what impact their agreement will have on a deal that was reportedly signed earlier this week with a group of investors that includes the Dallas Mavericks head coach Jason Kidd, the former Morgan Stanley sports executive Bejan Esmaili and the former Roc Nation attorney executive Wajid Mir.
According to the Athletic, they have agreed to buy Eagle Football’s stake in Palace for nearly £150m in a move that is being funded by Mansoor and Haider Syed, two brothers who were born in Saudi Arabia and educated in the United States.
Textor may now decide to retain his shares in Palace but relinquish his place on the board with a view to Sportsbank eventually attempting to gain control of the club in the long term. Having been frustrated in his attempts to purchase Everton, that would enable the American to maintain the Premier League side in his multi-club network but avoid any further disagreements with the club’s chairman Steve Parish, with whom he has had a difficult relationship since investing in Palace in 2021.
Textor’s stake only entitles him to one of four seats on the board along with fellow co-owners David Blitzer and Josh Harris, with Parish retaining the deciding vote. Textor has been approached for comment by the Guardian.
Meanwhile, Palace are stepping up their attempts to sign Romain Esse from Millwall and have held talks with the Championship side over a move for the 19-year-old England youth international. Esse signed a new contract in August but that is believed to contain a release clause of about £12m, with several other clubs including Nottingham Forest thought to be interested.
Dougie Freedman, Palace’s sporting director, is understood to have watched the winger on several occasions this season, with Esse scoring five times in the Championship in 25 appearances. He would fit the club’s model of signing players from the second tier, with Adam Wharton and Eberechi Eze both having become England internationals since joining Palace.
They are also expected to return with an improved offer for Liverpool’s Ben Doak but face competition from Ipswich for the Scotland forward.
