John Textor has sold his interest in Crystal Palace in an attempt to comply with the UEFA rules and to guarantee the participation of the club in the Europa League next season.
The American billionaire sold their 42.9 percent share to controversial Tycoon Woody Johnson for around £ 200 million, subject to the Premier League approval.
This should free the path for Palace to keep their place in Europe in the next term, so that UEFA is satisfied that the FA Cup winners are not contrary to rules for multiple club ownership.
The independent Understands that an official judgment of the European football management body is expected in the coming days.
The first journey from the Eagles to Continental Football was threatened because of the position of Textor at the club, due to the fact that he also owns 77 percent in Ligue 1 -outfit Lyon – who competes to Palace in the Europa League of the following season.
To prevent collusion, UEFA does not allow several clubs to participate in one of his competitions under the same owner, and in the event that two teams under a multi-club model are eligible for the same tournament, the side that has reached the better finish in the Interior Season. Lyon finished sixth last term and qualified through their competition position, while Palace finished 12th.
Palace’s absence to adjust their shareholder structure prior to the UEFA Deadline of 1 March, meant that they were contrary to the guidelines of the competition and could have been driven out of the Europa League.
Palace argued that their historic FA Cup triumph and subsequent Europa League qualification on their own merit were achieved instead of through the benefits of a Multi-Club system, and that the reaction to throw them out of competition would be disproportionate.
They also refuted that they operate under such a multi -club model – something that Nottingham Forest wrote to UEFA to surrender their concern – with Textor who previously had only 25 percent of the voting rights.
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It seems that the club has now tackled the problem, whereby the owner of the contente New York Jets owner acquires the importance of Textor. The jets were confronted last year with checking after reports of “controversial and dysfunctional practices” under his watch.
The sale of Textor means that the businessman is entirely out of the palace photo and loses all more influence on the club.
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