- Crystal Palace owners explore sale
- Move comes after Pierre Sage appointment
- Several reasons given
Crystal Palace owners are exploring a sale just hours after unveiling Pierre Sage as the club’s new manager. The move comes amid the Eagles’ most successful period in which they won the UEFA Conference League last month.
The Financial Times reports that the club’s US billionaire owners are “exploring a sale” and are working with bankers at Raine Group to handle the process. There are several options on the table, including a full sale.
Palace are heading into a new era under Sage, but could be under new ownership. They are the latest Premier League club to be linked with a takeover.
Palace owners consider sale
Another option is securing new capital for the club, which finished 15th in the Premier League last season. It’s said that selling a controlling stake could help secure a higher price.
Neither Raine nor Palace are commenting on the matter, but it comes amid Sage’s appointment. The French coach has signed a three-year deal with the option of a further year.
Sage succeeds Oliver Glasner whose final act as Eagles boss was to lift the UEFA Conference League trophy. He also guided the South London outfit to the FA Cup and the Community Shield during his two-and-a-half-year reign.
Palace’s current ownership group includes Apollo co-founder Josh Harris, former Blackstone executive David Blitzer and member of the Johnson & Johnson healthcare empire Woody Johnson. Steve Parish has served as executive chair since 2010.
As it stands, Harris and Blitzer hold a 30 per cent stake, while Parish has 10 per cent. The biggest shareholder is Johnson, who acquired a 43 per cent stake last year.
Selhurst Park plans
A potential sale could be with Selhurst Park redevelopment plans in mind. The club have tried pushing to modernise the 25,486-capacity stadium, including a plan to rebuild one stand.
The idea is to expand the stadium’s capacity to 34,000 but the project has hit stumbling blocks over the years. A source is quoted as saying that the club are “exploring its financing options related to the stadium redevelopment and ahead of a second European campaign.”
Palace will enter next season in the Europa League and are set for their 13th year in the top-flight. There could be huge changes on the horizon, including in the transfer window.
