Crystal Palace are the subject of a £220 million takeover bid led by American businessman John Textor, who is a pioneer in hologram technology.
What’s the story?
According to The Sun, the investor is leading a consortium that is attempting to take control of the south London outfit.
Palace’s current American co-owners Josh Harris and David Blitzer purchased stakes in the Eagles back in 2015, but both are believed to want to sell their shares in the club.
Fans should be worried
Textor built his reputation as the co-chairman of visual effects company Digital Domain, famously working on several award-winning films, including Titanic, which won an Oscar in 1997.
However, his reputation in Hollywood suffered a huge blow after an attempt to change the company’s business model failed in a spectacular fashion.
After debts reached a reported £160m, they filed for Chapter 11 bankruptcy protection in 2012, putting Textor’s business acumen into question.
Digital Domain did eventually recover, though, as did Textor. He’s now the leading shareholder of a streaming company focussed on sport called FuboTV.
Fubo merged with Textor’s company Facebank, best known for creating holograms of rapper Tupac Shakur for the Coachella Music Festival in 2012 and of Michael Jackson for the 2014 Billboard Music Awards.
Despite his ultimate success in business, Textor isn’t a billionaire and will have to acquire financial support from elsewhere to put together a feasible offer for Palace.
With Harris, Blitzer and chairman Steve Parish all thought to own an equal stake of 18%, the proposed new owner will have to invest a substantial sum to gain majority control.
While getting new, ambitious owners is often an exciting time for football fans, Palace supporters should be relatively worried about this latest revelation.
Talks are thought to be at an advanced stage, yet Textor’s concerning previous business exploits and relative lack of financial might are far from ideal.
Parish has proved to be a popular figure at Selhurst Park in recent years, and with the capital club attempting to rebuild themselves following Roy Hodgson’s departure, this distraction may have come at a bad time.