David Blitzer and Josh Harris, the co-owners of the National Hockey League’s (NHL) New Jersey Devils, are on the verge of taking a stake in Crystal Palace Football Club.
The pair, who also co-own the National Basketball Association’s (NBA) Philadelphia 76ers, are expected to take an 18 per cent stake in the London club, following year-long conversations with co-chair Steve Parish.
The deal will see the pair receive parity shareholding with Parish, who will have his 25 per cent equity cut to 18 per cent. Parish purchased the club with fellow Palace fans Stephen Browett, Jeremy Hosking and Martin Long in 2010, saving it from liquidation.
Browett, Hosking and Long will see their current 25 per cent stakes reduced down to 15.33 per cent if the deal is successful.
According to a
BBC Sport report, the investment made by the US private equity billionaires will go towards redeveloping Selhurst Park, Crystal Palace’s home ground, and in the long-term, build a hotel and shops around the stadium.
Blitzer and Harris would become the latest in a long-line of foreign businessmen to invest in a Premier League club. Aside from Crystal Palace, 13 of the league’s 20 clubs are either under foreign ownership or have some kind of foreign investment.
