A consortium including NBA star Jimmy Butler ‘is set to make an offer of more than £143million’ to buy a stake in Crystal Palace.
Palace, who are waiting to find out if they will be booted out of next season’s Europa League for contravening multi-club ownership rules, could sell 43 percent of the club owned by John Textor’s Eagle Football Holdings if they accept the offer.
That could then allow Palace to compete in the Europa League but it remains to be see if any agreement can be struck quickly enough.
Mail Sport’s Mike Keegan earlier reported that Textor is willing to sell his stake in Crystal Palace for £175m – and put an end the club’s European crisis.
Whether the consortium is willing to meet his valuation or Textor settle for a reduced amount is not yet known.
According to the Athletic, Butler and Co are let by ex-Morgan Stanley exec Bejan Esmaili and former Roc Nation lawyer Wajid Mir.
NBA star Jimmy Butler is reportedly part of a consortium hoping to buy a stake in Crystal Palace
UEFA ownership rules may mean Palace cannot compete. US businessman Textor is majority shareholder at Lyon while Brondby are owned by Palace co-owner David Blitzer and now a consortium is preparing to bid for a stake
The bulk of the finances would come from an American group with experience investing in football, says the report.
Butler would be the highest-profile member of the consortium and join the likes of Tom Brady (Birmingham) and JJ Watt (Burnley) in investing in UK clubs.
He is a six-time NBA all-star who has been with the Golden State Warriors since February.
Palace co-owner John Textor is currently looking to sell his shares quickly in order for the Eagles to compete in next season’s Europa League having qualified by winning the FA Cup.
But because Textor also owns Lyon, another club in the competition, UEFA bosses are currently deciding whether they will be allowed to compete.
Sale of his portion of the club could offer a swift resolution but time is against Palace and they are expected to hear back from UEFA by June 30.
Earlier on Wednesday, Mike Keegan reported that the figure, for Textor’s Eagle Football Holdings’ 43 per cent share, is understood to value Palace at significantly less than the amount Textor himself offered to buy out his three fellow directors earlier this year, according to sources with knowledge of the situation.
To exacerbate the situation, David Blitzer’s (another Palace stakeholder) Brondby would then take the Europa Conference spot for the same reason as he also failed to spot the potential issues.
Palace won the FA Cup, which looked to have secured them a place in the Europa League
If Palace were kicked out of Europe, it would be a cruel blow for Oliver Glasner’s thriving side
Nottingham Forest would be elevated from the Conference League to the Europa League while Palace’s rivals Brighton would take a slot in the Conference League.
Palace have until June 24 to present their final case to UEFA officials, who are then expected to take around a week before reaching a verdict.
Should they not be satisfied with the ruling, Palace could appeal to the Court of Arbitration for Sport, as could the other clubs involved in what is a complex situation. Such a scenario is not unlikely given what is at stake.