EPL side Crystal Palace agreed to a deal in principle with NHL New Jersey Devils and NBA Philadelphia 76ers Owner Josh Harris to sell a "sizeable shareholding" in the club, which should mean that "ambitious plans to redevelop Selhurst Park edge closer to fruition," according to Dominic Fifield of the London GUARDIAN. Harris, the co-founder of Apollo Global Management, has been "seeking to invest in the English game for some time and," with his business partner David Blitzer, first entered into talks with Palace Co-Chair Steve Parish a "little over a year ago." Those negotiations "stalled in the spring but contact has been revived," with the American investors’ interest in purchasing a stake in Palace "as strong as ever, and there is confidence on both sides a deal will be done." Although the equal stakes held by the four owners "would be diluted" with Harris buying into the club, no one would have a "bigger stake than Parish" in shareholding terms with all parties signing up to a reinvestment program aimed at stadium development. Parish said, "There are very serious conversations going on and I will remain the single largest shareholder along with David and Josh. ... But I think the guys recognize that having a U.K. partner retains the soul of the football club which is really important and it's important to me that my three other partners will stay involved as well." In an interview in September Parish said he would need at least "£80 million [$121M] for the things I want to do to the stadium, maybe £30 million [$45M] for the academy." There is a recognition that Palace needs a new main stand and will "have to make significant improvements" to the Arthur Wait stand opposite (GUARDIAN, 11/12). In London, Noble & Massoudi reported according to someone familiar with the matter, under the proposed terms of the agreement Harris and Blitzer "would each take an 18 percent stake in the club." Parish will also retain an 18% stake, and "continue to run daily operations." The remaining 46% "would be split between the club's three other shareholders" --- Churchill Insurance Founder Martin Long, Marathon Asset Management's Jeremy Hosking and Farr Vintners' Stephen Browett -- along with a small group of new U.S. investors (FINANCIAL TIMES, 11/12). Also in London, Giuseppe Muro wrote Harris wants Palace to keep its "south London roots and has impressed Parish with his vision for the club." While Arsenal and Liverpool are both run by their owners from America, Parish and Harris "feel that it is best for the local partner to take the lead." Investment would place Palace on a "more sound financial footing and Parish feels it is best for the club's long-term future." He has always "been keen to stress that any deal is not a takeover and he does not want investors to take full control of the club," which is currently eighth in the table (EVENING STANDARD, 11/12).
