Member Article

Crystal Palace gains legal support on US takeover deal

Teams from law firms Herbert Smith Freehills and Walker Morris have advised Crystal Palace FC on a deal to secure major investment with US businessmen, Josh Harris and David Blitzer.

The Premier League football club will undergo a takeover from Harris, Blitzer and current chairman Steve Parish.

The trio will be joined by a number of other investors that will include the current CPFC2010 shareholders Stephen Browett, Jeremy Hosking and Martin Long, all of whom will all retain a substantial shareholding.

All shareholders have agreed an initial £50m injection of capital for the development of the stadium, with more to follow.

James MacArthur, Head of Private Equity at Herbert Smith Freehills, and associates Joe Stolerman and Rick Wright, advised the shareholders in CPFC2010. David Hinchliffe, Head of Sport at Walker Morris and Katie Reed, an Associate in the Walker Morris Sports Group advised Crystal Palace FC.

Steve Parish, added: “I’m delighted that Josh and David have agreed to make this investment and join me in shaping the future of Crystal Palace.

“I have had the great pleasure of getting to know them both over the past 18 months and I am sure they will be a huge help to me and add an enormous amount of value.

“I would like to thank Stephen Jeremy and Martin, as well as all the club’s supporters, for their incredible support over the past five years and I am thrilled they will retain a shareholding for the next part of the journey.”

James MacArthur commented: “Josh Harris and David Blitzer have established a long track record of successful investments in other sports clubs. They share a passion for sport and for Crystal Palace and are determined to help deliver future success for the Club.

“This deal will help to reinforce the Club’s future as a thriving, financially secure football Club. I have worked with Chairman, Steve Parish, for a number of years, and it was a great pleasure to advise Steve and his fellow owners of CPFC2010 on this exciting investment.”

This was posted in Bdaily's Members' News section by Ellen Forster .