Crystal Palace majority shareholder John Textor has filed for an initial public offering (IPO) of his Eagle Football Holdings company in the United States, marking the latest twist in the club’s complex ownership saga. An IPO — where a private company sells shares to the public for the first time — could help Textor raise capital and potentially enable the sale of Eagle Football’s 43 per cent stake in Palace.
00:00Crystal Palace majority shareholder John Texter has filed for an initial public offering of his Eagle football holdings company in the United States, marking the latest twist in the club's complex ownership saga.
00:15An IPO where a private company sells shares to the public for the first time could help Texter raise capital and potentially enable the sale of Eagles football 43% stake in Palace.
00:28That sale has become urgent due to UEFA regulations which prohibit clubs under shared ownership from competing in the same European competition.
00:39Palace who recently won the FA Cup faced the prospect of being barred from next season's Europa League because Texter also owns a majority stake in French side Lyon.
00:49Texter had considered placing his Palace shares in a blind trust to comply with UEFA's rules but missed the March 1st deadline.
00:58He is now exploring a full or partial sale of his stake with reported interest from New York Jets owner Woody Johnson, said to have discussed the £170 million deal as well as a consortium involving NBA star Jeremy Butler.
01:12A statement from the Eagle football confirmed the IPO filing Eagle football holding announced that it's comfortably submitted a draft registration statement to the US Securities and Exchange Commission relating to the proposed offering of its ordinary shares.
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01:32And we did it for our fans, we did it for many, many people and that's why I think everybody who contributed to this success deserves to be proud of him and deserves to be proud of the group and deserves to be proud of the whole club because again it's the best thing you can do.
01:54Palace's fate in Europe may now depend on the sale progressing in time, if not they risk being replaced in the Europa League by another Premier League outfit with Nottingham Forest in line.
02:08Legal action at the Court of Arbitration for Sport could also follow.
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