Wall Street financiers Josh Harris and David Blitzer are seeking to sell the English Premier League team Crystal Palace after about three years under their ownership, according to people familiar with the matter.
The two have talked with at least one U.S.-based financial firm about buying the team, said the people, who asked not to be identified because the matter is private. The company has retained PJT Partners Inc. to handle the sale.
A spokeswoman for Harris declined to comment, as did PJT Partners. Blitzer didn’t respond to an email seeking comment on the team being for sale.
Harris, a co-founder of Apollo Global Management, and Blackstone executive Blitzer also control the NBA’s Philadelphia 76ers, the NHL’s Devils and the Prudential Center in Newark, New Jersey, where the hockey team plays.
Harris and Blitzer had been among the owners who unsuccessfully sought to keep an even share of the league’s international TV money. Bigger clubs like Manchester United, Chelsea, Liverpool and Arsenal won the right to get a bigger share, saying their international popularity drives viewership.
South London-based Palace, as the team is known, is 13th in the 20-team league, which relegates the bottom three clubs to a lower division. Teams that get sent down receive a smaller share of revenue. Palace is eight points above that threshold with nine games remaining.
Palace has been in and out of the Premier League since being among the league’s founding members in 1992, prompting some to refer to it as a yo-yo club because of its promotion and relegation. The team has required bankruptcy protection twice since 1999, though not under the current ownership.
takeoverae
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Didn't know the Devils and 76ers had the same owner. That seems wrong. Better than it being the Flyers, I suppose.
Oscarbed
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So thats zaha gone this summer, he would be a good fit at dortmund if sancho goes
keduo
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Does anyone have some loose change? Not that I rate them for change, but if enough people comply... I just might accept this career change. (No pun intended, just in need of a thesaurus)
Armstrongrno
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So they haven't got the money for the stadium redevelopment then.. I thought the americans already had some money. So you could push that quite a few years in the future then..
ourselves
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Tbf I'd be willing to put in a bid if it means I can pull Suzanna Reid. Steve Parrish the sly fox.
Armstronger
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Owen Oyston has recently come into the market for a club iirc
Carlcrain
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They didn't really do anything. Meh. So much for "falling in love with the club" loool
potatoe
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When did that happen?