Crystal Palace last night confirmed that US billionaires Josh Harris and David Blitzer had each bought a stake in the football club, with significant funding promised to improve Selhurst Park immediately.
The full statement from the club can be seen here, including details around the eye watering sum that will be directed towards Selhurst’s renovation, as well as quotes from Parish, Harris and Blitzer.
It is a deal which has been the subject of minor negotiating points for well over a year now, but following the club’s continued impressive form in the Premier League under Alan Pardew, it seems as though Harris and Blitzer simply couldn’t walk away from the chance to own a slice of the action.
In truth, the stigma that was previously attached to owning a Premier League football club has shifted dramatically in recent years, with Financial Fair Play regulations alongside a bumper new TV deal making the teams profitable for the first time. Thankfully for the likes of Palace, it has also seen the gap between ourselves and the stereotypical “big four” shrink massively, as proven by the stellar start to the season that ourselves, Leicester City and Watford have enjoyed.
In essence, the above agreement should allow us to redevelop an ageing Selhurst Park without having to tighten the budget in relation to player recruitment; a point that was always pivotal in the mind of Steve Parish and the other members of CPFC2010. Having brought the club on immeasurably in five years, it’s understandable for the board to want a continued sense of perpetual progress, which is exactly what this latest development should offer us.
Whilst there is always a degree of spin to any statement like the one attached above, I’m struggling to find a single part of it that I’m even remotely apprehensive over.
These are exciting times for Crystal Palace FC, roll on 2016.