- Sportsbank wants to buy John Textor’s stake in Crystal Palace for £230m
- They are financed by investors from the United Arab Emirates and America
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Global investment group Sportsbank will be funded by Abu Dhabi and US money as they look to complete a £230m deal to buy a majority stake in Crystal Palace.
Mail Sport exclusively revealed last month that Sportsbank, which is advised by high-profile football financier Keith Harris, is among the bidders for current co-owner John Textor’s 45 per cent stake in the Selhurst Park club.
And now it can be revealed that the London-based group is financially powered by a wealthy family from the United Arab Emirates and major investment from North America. Both offer an equal level of investment.
As things stand, Sportsbank is believed to be the most progressive of all the parties interested in acquiring Textor’s shares, but well-placed sources insist other groups remain in the fray as the process draws to a close.
Sportsbank will hold crucial talks this week with a view to taking a major step forward towards taking a stake in Palace.
Significantly, the investment firm is prepared to make money available in the January transfer window, with Oliver Glasner’s team currently in second place in the Premier League.
UEA and American investors are funding Sportsbank’s bid for a majority stake in Crystal Palace
Sportsbank is attempting to acquire John Textor’s 45 percent stake in the south London football club
However, it remains to be seen whether a successful takeover with the Premier League can be sealed in time for the transfer window.
Textor is said to be confident Sportsbank has the necessary resources to buy his stake in the club and is believed to like the idea of selling to a group that also includes Palace supporters.
Zechariah Janjua and Navshir Jaffer, local businessman who heads Sportsbank’s offering, are Palace fans.
But while Textor is impressed by Sportsbank’s plans, the US businessman has not privately ruled out rival groups emerging as preferred bidders for US commercial bank Raine, which is handling the sale.
Mail Sport understands that co-owners Steve Parish, David Blitzer and Josh Harris have been offered the opportunity to buy out Textor’s shares.
Such a scenario would provide the smoothest outcome as the trio would not have to undergo due diligence.
However, there are no indications yet that the current co-owners will make an offer for Textor’s shares.
Tech entrepreneur Stanley Tang, who is worth an estimated £1.7 billion, has also expressed interest and is seen by figures in the process as a credible contender.
Other groups continue to compete to buy Textor’s share, but Sportsbank is considered the most advanced
Tang is expected by key insiders to rival Sportsbank in the coming days.
A third consortium, involving Morgan Stanley sporting director Bejan Esmaili, former Roc Nation lawyer Wajid and Saudi businessmen Haider and Manor Syed, have also been privately confirmed as interested parties.