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Post by Football News on Oct 27, 2014 17:54:41 GMT
Crystal Palace £70m takeover by American Josh Harris is ‘90% agreed’
• Businessman about to start due diligence on London club • Harris would become sixth US owner in Premier League • Also owns New Jersey Devils and Philadelphia 76ers  Josh Harris would become the sixth American owner in the Premier League if he is successful in acquiring Crystal Palace. Takeover talks between Crystal Palace and the American businessman Josh Harris are at such an advanced stage that the New Jersey Devils and Philadelphia 76ers owner is poised to enter a period of due diligence on the club. A deal between the Premier League side and Harris, the co-founder of Apollo Global Management, is understood to be 90% agreed in principle and worth around £70m. Steve Parish, the current co-chairman, is adament that nothing imminent will happen, although talks have progressed well and he would stay on in his current capacity and run the club on a day-to-day basis. Harris, who bought NBA franchise Philadelphia 76s in 2011 and NHL side New Jersey Devils alongside his partner David Blitzer in 2013, has been interested in purchasing an English football club for some time and first held talks with Palace’s owners, CPFC 2010, during their recent pre-season tour of America. Palace played Philadelphia Union on 25 July, by which point Harris’s interest in Aston Villa had seemingly waned, with reports stating that Villa’s owner, Randy Lerner, valued the club at £200m. Harris is thought to deem Palace’s London location as a more attractive option. The 49-year-old has attended at least three matches at Selhurst Park so far this season and if due diligence is completed as expected, he will become the Premier League’s sixth American owner. The other clubs majority-owned by Americans are Liverpool, Arsenal, Villa, Sunderland and Manchester United. Palace were bought out of administration by the CPFC 2010 consortium – comprised of Parish and fellow wealthy fans Martin Long, Steve Browett and Jeremy Hosking – in the summer of 2010. Since then they have galvanised the club and steered it out of the Championship through the play-offs in 2013. There was no urgent financial need to sell from the current owners before talks with Harris began. Under Tony Pulis Palace finished 11th last season and received £74m in prize money, the third-highest placing in their history. Neil Warnock’s side currently sit 16th in the Premier League following their draw at West Bromwich Albion on Saturday. Parrish told the News Shopper: “There are always people who want to buy football clubs. Sometimes people approach you and it gets out, sometimes people approach you and it doesn’t, but there is no imminent takeover. “We are talking to a number of people on a number of fronts. I’ve always said that if somebody wanted to invest in the club and move it forward quicker than I or we [CPFC 2010] can then we would entertain it. We look at all possibilities that are out there – and there are many – but people have been quite ahead of themselves on this one.” Guardian
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3in11
Monster Midfielder
No easy games in this league.
Posts: 1,773
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Post by 3in11 on Oct 30, 2014 0:42:17 GMT
It will come as no surprise that this Take Over has exercised the minds of Palace supporters over the past few days. The worries are about losing our 'local' identity and the object lessons provided by some clubs that have failed to use big investments wisely in the rush for success. There are concerns that success, bought success, would come at too high a price for some 'traditional' fans with an influx of 'plastics' to rival the likes of Manure and the Arse. Many are undecided and the realists see the benefits of what will, sooner or later, be inevitable.
This was my contribution on The Holmsdale.net discussion:
"Without getting deeply political/philosophical about the problems of Money, what it does for Football clubs is bring expectations -demands even- of success. That state of mind, in Palace's history (think Allinson) presages farce and relegations or (think 'Team of the Eighties') deep dissapointment......and farce and relegation.
Palace are NOT a Big City Big Brand, we are essentially a local side, a provincial side even, in comparison to the Manchester and inner London clubs. That is what we are and it is understandably worrying to have that identity threatened. However, there's something about the Croydon/Sarf London identity that makes me believe we could survive the change in financial status without suffering a diminuation of our 'local' identity. And if we end up seeing our Red & Blue on the backs of kids in Kuala Lumpa or Nairobi or wherever then it won't make a ha'ppenny's worth of difference to our Saturday afternoons. I know there's this almost Buddist like atitude that we shouldn't care if it's Chelsea or Chesterfield next week, but I'd prefer the Chelsea option - with the possibility of Milan or Barcelona- just so long as I don't start to EXPECT it as a right. That's not Palace."
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Post by Avinalaff on Oct 30, 2014 0:57:54 GMT
It will come as no surprise that this Take Over has exercised the minds of Palace supporters over the past few days. The worries are about losing our 'local' identity and the object lessons provided by some clubs that have failed to use big investments wisely in the rush for success. There are concerns that success, bought success, would come at too high a price for some 'traditional' fans with an influx of 'plastics' to rival the likes of Manure and the Arse. Many are undecided and the realists see the benefits of what will, sooner or later, be inevitable. This was my contribution on The Holmsdale.net discussion: "Without getting deeply political/philosophical about the problems of Money, what it does for Football clubs is bring expectations -demands even- of success. That state of mind, in Palace's history (think Allinson) presages farce and relegations or (think 'Team of the Eighties') deep dissapointment......and farce and relegation. Palace are NOT a Big City Big Brand, we are essentially a local side, a provincial side even, in comparison to the Manchester and inner London clubs. That is what we are and it is understandably worrying to have that identity threatened. However, there's something about the Croydon/Sarf London identity that makes me believe we could survive the change in financial status without suffering a diminuation of our 'local' identity. And if we end up seeing our Red & Blue on the backs of kids in Kuala Lumpa or Nairobi or wherever then it won't make a ha'ppenny's worth of difference to our Saturday afternoons. I know there's this almost Buddist like atitude that we shouldn't care if it's Chelsea or Chesterfield next week, but I'd prefer the Chelsea option - with the possibility of Milan or Barcelona- just so long as I don't start to EXPECT it as a right. That's not Palace." Take overs come in many shapes and forms and most of them are not as impressive as Manchester City. Blackburn still found relegation, as did Portsmouth (were there others?) With the money already spent on big clubs, there are no guarantees of trophies so it would be doubtful that any takeover would involve heavy spending. It strikes me that the takeover bubble burst a long time ago, and now it's about if they can make money from a club rather than if they can launder money through one. What happens when there are 20 Prem clubs all with billionaire owners? It might as well be 20 clubs all penniless as the only beneficiaries are the players agents and tax men. The item for sale is no better than it was 20 years ago; It just costs more now. |
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Post by dorf on Oct 30, 2014 13:04:51 GMT
I would love to see Croydon have a club as big as Spurs. Yes, there would be hanger-ons/plastics as you probably already have now but hopefully it would bring in kids that will stay with the club in the long term. Obviously, you don't want to go in the way that Leeds, Portsmouth and Blackburn went but unfortunately, in this day and age, money is the key to success. If it does happen you won't suddenly be Man Citeh or even Spurs. Hopefully investment will go towards infrastructure: youth team, stadium upgrade (or new stadium), training ground etc.
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