Joshua Harris and David Blitzer, the Wall Street-based owners of Premier League side Crystal Palace, are looking to sell their stake in the top-flight English soccer club just three years after investing in the team, according to Bloomberg.
According to Bloomberg, Harris and Blitzer have enlisted PJT Partners to handle the sale, and have already held talks with at least one US-based financial firm.
The Americans, who also own the National Basketball Association’s (NBA) Philadelphia 76ers and the National Hockey League’s (NHL) New Jersey Devils through their Harris Blitzer Sports & Entertainment company, acquired stakes in Palace in late 2015. Along with club chairman Steve Parish, the two men each own an 18 per cent controlling share in the South London outfit.
Bloomberg added that a spokeswoman for Harris declined to comment, as did PJT Partners, while Blitzer did not respond to an email seeking confirmation that the club are up for sale.
The latest period for which financial results are available show that Palace achieved record annual revenues of UK£142.7 million during the 2016/17 season, owing largely to their share of the Premier League’s broadcast rights revenue.
Perhaps significantly, Harris and Blitzer were among the owners who unsuccessfully fought to keep an even share of the league’s international TV money. Starting from next season, the top clubs will get a bigger piece of the pie after it was announced that distribution of international rights revenue will be allocated based on each team’s final position in the table.
Harris and Blitzer were the first investors to come on board at Palace after they were rescued from administration in 2010 by a consortium of local businessmen, including the aforementioned Parish.
Since then, the club have enjoyed their longest stay in the Premier League and last year unveiled UK£100 million plans to upgrade their Selhurst Park home, although work failed to begin as planned last summer.
On the pitch, Palace dropped to 14th in the Premier League at the weekend after their 2-1 defeat at home to rivals Brighton & Hove Albion. They travel to Watford for their FA Cup quarter-final clash on Saturday.
Joshua Harris and David Blitzer, the Wall Street-based owners of Premier League side Crystal Palace, are looking to sell their stake in the top-flight English soccer club just three years after investing in the team, according to Bloomberg.
According to Bloomberg, Harris and Blitzer have enlisted PJT Partners to handle the sale, and have already held talks with at least one US-based financial firm.
The Americans, who also own the National Basketball Association’s (NBA) Philadelphia 76ers and the National Hockey League’s (NHL) New Jersey Devils through their Harris Blitzer Sports & Entertainment company, acquired stakes in Palace in late 2015. Along with club chairman Steve Parish, the two men each own an 18 per cent controlling share in the South London outfit.
Bloomberg added that a spokeswoman for Harris declined to comment, as did PJT Partners, while Blitzer did not respond to an email seeking confirmation that the club are up for sale.
The latest period for which financial results are available show that Palace achieved record annual revenues of UK£142.7 million during the 2016/17 season, owing largely to their share of the Premier League’s broadcast rights revenue.
Perhaps significantly, Harris and Blitzer were among the owners who unsuccessfully fought to keep an even share of the league’s international TV money. Starting from next season, the top clubs will get a bigger piece of the pie after it was announced that distribution of international rights revenue will be allocated based on each team’s final position in the table.
Harris and Blitzer were the first investors to come on board at Palace after they were rescued from administration in 2010 by a consortium of local businessmen, including the aforementioned Parish.
Since then, the club have enjoyed their longest stay in the Premier League and last year unveiled UK£100 million plans to upgrade their Selhurst Park home, although work failed to begin as planned last summer.
On the pitch, Palace dropped to 14th in the Premier League at the weekend after their 2-1 defeat at home to rivals Brighton & Hove Albion. They travel to Watford for their FA Cup quarter-final clash on Saturday.
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