Palace about to be taken over by Yanks

[KZNSeagull]

The proposed £90m takeover of Crystal Palace appears to be nearing completion, with a group of American investors led by Josh Harris reportedly in “late-stage discussions” with the Premier League side.

Harris, who bought the NBA franchise Philadelphia 76ers in 2011 and the NHL side New Jersey Devils alongside his partner David Blitzer in 2013, has been interested in purchasing an English football club for some time and first held talks with Palace’s owners, CPFC 2010, during last year’s pre-season tour of America.

A report in the Financial Times on Friday suggested that the deal is now close to being completed, with a group of private equity executives from Harris’s capital investment firm Apollo Global Management and Blackstone, the world’s largest private equity firm, hopeful that the deal could be signed in the next few days. Palace declined to comment when approached on Friday.

However, it is understood that Harris – who is worth a reported $2.6bn, according to Forbes – and Blitzer would take a majority shareholding, with the current co-owner Steve Parish reducing his stake to 15% and the other three partners in CPFC 2010 reducing theirs to 5%. A further group of seven investors – the US businessmen David Novak, Bret Pearlman, Marc Leder, Arthur Wrubel, Anthony Ignaczak, Rodgers Krouse and Matthew Hulsizer – will also take a share in the club.

It sounds interesting all this , rumour has it their combined wealth equals that of tony blooms

So you may end up with 13 people all with a stake in the club? That's a lot of people to keep happy.

 

[Seasidesage]

Strip what? Last I heard it was a fire sale.

Torch one get one free?

 

[Hampster Gull]

It's not foolish at all , how do you know they're in it for themselves ? If that was the case they would have sold the club for a lot of money and walked away ( assuming we get sold ) . They are staying put so that says a lot to me .

You are very foolish to trust them 100%. Maybe naive is better.

 

[jimbob5]

It's looking dire for QPR. Shame for Chris Ramsey, once of our Parish. We need a few successful black managers if only to make race a non issue in football management. You've got to take your hats off to Pardew and his boys though for once again defying gravity.

 

[GreersElbow]

It's not foolish at all , how do you know they're in it for themselves ? If that was the case they would have sold the club for a lot of money and walked away ( assuming we get sold ) . They are staying put so that says a lot to me .

This type of naivety is borderline arrogance.

A hedge fund, who deals with alternative investments is potentially buying a major stake in the club and you don't think they're in it for themselves? Do you know what asset management means?

 

[Blue Valkyrie]

I assume Dougie is saying he trusts Prince Charming and Gang, rather than trusts the American financiers, who given that there are so many, are clearly? being sold a money making scheme.

No one knows what will happen here. No point in palace fans fearing the worst just yet. Equally, there is no point in them getting carried away with the finance before this all plays out.

 

[Se20]

I assume Dougie is saying he trusts Prince Charming and Gang, rather than trusts the American financiers, who given that there are so many, are clearly? being sold a money making scheme.

No one knows what will happen here. No point in palace fans fearing the worst just yet. Equally, there is no point in them getting carried away with the finance before this all plays out.

As you say, no one knows how it's going to pan out.
With the current 4 owners retaining a 30% stake in the club, I would hope this will keep the club on the right road.
Redeveloping the ground and training ground seems to be the main reason for this proposed new investment, and if it helps us to establish ourselves in the PL , you can't turn it down.
Time will tell.

 

[LIKE]

Like.

 

[Biscuit]

It'll all end in huge debt and tears.

The debt will no doubt be serviced with pence to the pound.

Good luck to them.

 

[Working class pride]

For every season Palace are in the top flight and we are not, then there is a very good chance Palace will break away from the Albion. If Palace also establish themselves as a proper South London club, perhaps moving more central to Brixton or the Elephant perhaps then with a new ground and the population, they will have every chance to transform Palace into a big club. I also think that Palace have both the desire, and vision to do it. As for the Albion, well the fans are happy scrapping around the lower leagues and there doesn't seem the desire to make a proper success of the club. Probably because we have been worse than dreadful for 30 years and not done much in a 100 years worth writing home about. BHA are happy being a club with a large support playing lower league football but that in the long term is going leave us far behind with English top flight football being an international product. There is room in London for a couple more big clubs. West Ham moving to the Olympic Park will deal with the East, and there is no reason why Palace coundn't do that in the South. That is what I expect the investors are looking at. Whilst all this happens, nsc will still be coming up with excuses for our players as we are in still scrapping around in the the lower leagues.

 

[Se20]

It'll all end in huge debt and tears.

The debt will no doubt be serviced with pence to the pound.

Good luck to them.

It would be a cent in the dollar.
Thanks for your best wishes

 

[El Presidente]

Only doing what i suspect Tony would do in the same circumstance

I don't think Tony would agree.

 

[KZNSeagull]

As you say, no one knows how it's going to pan out.
With the current 4 owners retaining a 30% stake in the club, I would hope this will keep the club on the right road.
Redeveloping the ground and training ground seems to be the main reason for this proposed new investment, and if it helps us to establish ourselves in the PL , you can't turn it down.
Time will tell.

30% means nothing if the 70% all want to go down a road that the 30% disagree with.

 

[RexCathedra]

As for the Albion, well the fans are happy scrapping around the lower leagues and there doesn't seem the desire to make a proper success of the club. Probably because we have been worse than dreadful for 30 years and not done much in a 100 years worth writing home about. BHA are happy being a club with a large support playing lower league football but that in the long term is going leave us far behind with English top flight football being an international product.

It all hinges on your definition of 'success', doesn't it?

If the punters don't mind, what difference does it make? They call them 'clubs' for reasons not entirely historical.

 

[Working class pride]

It all hinges on your definition of 'success', doesn't it?

If the punters don't mind, what difference does it make? They call them 'clubs' for reasons not entirely historical.

No to the first point. Success is an objective test. Top flight and trophies but yes to your second point. Did you agree with the rest of my post by the way? I think there is every chance Palace could meet demand for football South of the river if they moved more central. Not much point in placing head in the sand about it. Whether BHA will wake up in time to get some ambition of our own is the question.

 

[Hampster Gull]

I don't think Tony would agree.

He may not. He is a business man though

 

[El Presidente]

He may not. He is a business man though

The Albion isn't a business to him though, it's a labour of love. The Palace owners have publicly admitted that whilst they were able to fund a rescue of the club a few years ago they don't have sufficient personal wealth to develop Selhurst, and that's why they are seeking third party investment.

If a PE house is involved it will be looking for a financial return on its investment, TB is seeking an emotional return in the form of seeing the Albion play in the Premier League.

 

[Hampster Gull]

The Albion isn't a business to him though, it's a labour of love. The Palace owners have publicly admitted that whilst they were able to fund a rescue of the club a few years ago they don't have sufficient personal wealth to develop Selhurst, and that's why they are seeking third party investment.

If a PE house is involved it will be looking for a financial return on its investment, TB is seeking an emotional return in the form of seeing the Albion play in the Premier League.

Understand that and his commitment to the club is great. I believe though at some point it will not be owned by the Bloom family.

 

[beorhthelm]

... I think there is every chance Palace could meet demand for football South of the river if they moved more central. Not much point in placing head in the sand about it. Whether BHA will wake up in time to get some ambition of our own is the question.

head in the sand? what about unrealistic fantasies, why would a move more central increase demand? theres no where they could afford to move to anyway, because any site in south London would be more valuable for housing. if they are even allowed to move out of the borough. only realistic move is to an industrial site such as over in Mithcham.

 

[El Presidente]

what about unrealistic fantasies,.

Britney Spears, three supermodels, me, a hot tub, twelve gallons of custard, an air hostess uniform and being watched by the cast of 'Allo 'Allo?