January 7 – A consortium backed by individuals from Saudi Arabia and the United States has signed an exclusivity agreement to buy Eagle Football’s 45% stake in Crystal Palace.
The group includes former basketball superstar and current head coach of the Dallas Mavericks, Jason Kidd, who seems set to follow in the footsteps of LeBron James, who bought a 2% stake in Liverpool for $6.5 million in 2011. Bringing financial wizardry are Morgan Stanley sports executive Bejan Esmaili and former Roc Nation attorney executive Wajid Mir.
The Saudi connection comes in the form of Mansoor and Haider Syed who were born in the Middle East, however, completed their education in the USA.
The group’s first offer for the Crystal Palace stake was rejected by John Textor, the largest shareholder in Eagle Football, but a subsequent offer from the original bid of $185 million (£148.4 million) has greased the wheels of commerce.
Kidd and the Saudis do have competition as the Sportsbank group – which previously looked in pole position to buy Textor’s stake – is also still seeking to move and grab a piece of Selhurst Park and the Eagles.
That group is led by former Man Utd, Leeds Utd and most recently Everton director, Keith Harris, isn’t interested in a complete buyout, and that proposal seems to have more interest to Textor, who would remain on the board of Eagle Football. However, rumours over whether Sportsbank actually had the finance to complete the acquisition, as well concerns over whether all of the Sportsbank board would pass the Premier League’s owners and directors test had begun to circulate.
Earlier last year, Textor told The Athletic: “We’ve reached the point where we have a significant investment in a club we hold in the minority (in Palace),” he said. “We’re having extreme success in Brazil and early on in France, (and) to not have that same level of integration with our partner in the UK… it just becomes more and more clear that that level of collaboration we want and need works.”
Any deal is contingent on Premier League approval, however, as we’ve seen from previous investments and sales involving Saudi Arabian finances, most notably with Newcastle United, money usually trumps all concerns and in particular the threat of potentially expensive lawsuits that can arise when it is turned away.
Contact the writer of this story, Nick Webster, at moc.l1736237237labto1736237237ofdlr1736237237owedi1736237237sni@o1736237237fni1736237237
