Wall-street based club owners, Joshua Harris and David Blitzer have recently held talks over selling their stake at Crystal Palace. The two are seeking to sell the English club about three years under their ownership, reports Bloomberg.
The American financiers have talked with at least one U.S. based financial firm about buying the team while the company has retained global advisory-focused investment bank PJT Partners Inc. to handle the sale.
A spokesperson for Harris has declined to comment on the matter along with PJT Partners, while Blitzer did not respond to emails from Bloomberg seeking comment on the same.
The duo, who also own the National Basketball Association’s (NBA) Philadelphia 76ers and the National Hockey League’s (NHL) New Jersey Devils through their Harris Blitzer Sports & Entertainment company bought stakes at the club back in 2015. The two each own 18 per cent controlling share at the London based club alongside club chairman Steve Parish.
Harris and Blitzer were among the owners who unsuccessfully fought to keep an equal share of the league’s international TV money. Major clubs like Manchester United, Liverpool, Chelsea and Arsenal won the rights to get a bigger share, understandably owning more viewership.
Currently at 14th position in the league table, Crystal Palace is known for exiting and entering the league a lot, locally called the ‘yo-yo’ club. The team had also sought protection from bankruptcy twice since the turn of the century, though not under the current ownership.
The club travels to Watford next in a FA cup clash this weekend.