- Sportsbank are looking to buy John Textor’s £230m stake in Crystal Palace
- They are being funded by investors from the United Arab Emirates and America
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Global investment group Sportsbank will be bankrolled by Abu Dhabi and American money as they move to close a £230million deal to purchase a majority stake in Crystal Palace.
Mail Sport exclusively revealed last month that Sportsbank, who are being advised by high-profile football financier Keith Harris, are among the bidders for current co-owner John Textor’s 45 percent share in the Selhurst Park club.
And it can now be revealed that the London-based group is being financially powered by a wealthy United Arab Emirates’s family and major investment from North America. Both are providing equal levels of investment.
As things stand Sportsbank are understood to be most advanced of all the parties interested in acquiring Textor’s shareholding – but well-placed sources insist that other groups remain in contention as the process draws to a close.
Sportsbank will hold crucial discussions this week with a view to taking a major step forward towards taking a stake in Palace.
Significantly, the investment firm are prepared to make funds available in the January transfer window with Oliver Glasner’s team currently second from bottom in the Premier League.
Investors from the UEA and America are bankrolling Sportsbank’s bid for a majority stake in Crystal Palace
Sportsbank are trying to buy John Textor’s 45 per cent stake in the south London football club
It remains to be seen, however, if any successful takeover can be ratified with the Premier League in time for the transfer window.
Textor is said to be satisfied that Sportsbank have the necessary funds to buy his stake in the club and is believed to like the idea of selling to a group that includes Palace supporters.
Zechariah Janjua and Navshir Jaffer, local businessman fronting Sportsbank’s offer, are Palace fans.
But while Textor is understood to be impressed with Sportsbank’s plans, the US businessman is not privately ruling out rival groups from emerging as preferred bidders by US merchant bank Raine, who are handling the sale.
Mail Sport understands that fellow owners Steve Parish, David Blitzer and Josh Harris have been offered the chance to buy out Textor’s shares.
Such a scenario would represent the smoothest outcome because the trio would not be required to undergo a period of due diligence.
However, there has been no indication as of yet that the current co-owners will make an offer for Textor’s shares.
Tech-entrepreneur Stanley Tang, who is worth an estimated £1.7billion, has also registered an interest and is viewed by figures in the process as a credible contender.
Other groups do remain in contention to buy Textor’s stake but Sportsbank are understood to be the most advanced
There is an expectation from key insiders that Tang will rival Sportsbank in the coming days.
A third consortium, that involves Morgan Stanley sports executive Bejan Esmaili, former Roc Nation attorney executive Wajid and Saudi businessmen Haider and Manor Syed, have also been privately confirmed as interested parties.
