There is a line in the hit song "Money" by Pink Floyd that says, "New car, caviar, four four-star daydream, think I'll buy me a football team." New York Jets Owner Woody Johnson can certainly relate, but it appears that one football club is not enough for him. Foxsports.com is reporting that a group including Johnson has launched a bid to purchase English Premier League soccer team Crystal Palace.
If the bid is successful, Johnson would join a growing group of American businessmen who own stakes in soccer clubs in England's top league. The licensing and merchandising rights deals for English soccer are worth billions of dollars per year, and numbers like that always attract American investors. That explains why Johnson isn't alone in the bidding. He's competing against another group that includes NBA All-Star Jimmy Butler.
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Crystal Palace is a study in contrast. The club just won the prestigious FA Cup, which earned them a spot in the Europa League, a continental cup competition that pits many of Europe's top clubs against each other. The FA Cup is the first major trophy in the club's history. However, every rose has its thorns, and Crystal Palace is finding that out right now.
Europe's soccer regulators have strict requirements, and one of them prevents teams with the same owners from competing in the same competition. One of Crystal Palace's owners, John Textor, owns shares in French Ligue 1 club Lyon, which has also qualified for Europa League play. The only way around this rule is for the owner to place their shares of one of their two teams in a blind trust.
Textor had until March 1 to complete that transition, but he didn't, meaning Crystal Palace can't compete in Europe. However, he's offered to sell his entire stake in Crystal Palace to keep the team eligible. This is where the competing bids from Johnson and Butler's groups come into play. It's easy to understand why there is so much interest in Crystal Palace.
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First, Crystal Palace's London location creates lucrative licensing and sponsorship opportunities. Second, the club's soccer academy is very well respected. The academy keeps the club stocked with a solid talent base and helps Crystal Palace remain competitive. It also helps the club generate an additional revenue stream through player transfers.
European soccer clubs typically move players between teams for financial considerations, instead of player trades, which are more common in America's sports leagues. Transfer fees for top players like Crystal Palace's Eberiche Eze can exceed $100 million. Last year, Crystal Palace sold home-grown Michael Olise to Bayern Munich for nearly $60 million. That's why heavyweights like Johnson are interested.
The current uncertainty has left Crystal Palace fans anxiously awaiting a resolution. Competing in Europe would be a historic achievement for the club, but that's impossible until the current ownership issue is resolved. This is why all parties involved are moving as quickly as possible to achieve a resolution that allows Crystal Palace to play one of soccer's grand stages.
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