Crystal Palace Will Not 'Splash Out' On Player Transfers With Stake Sale Funds

EPL side Crystal Palace co-Chair Steve Parish said that fans "should not expect the club to splash out on player transfers after securing substantial investment from two American sports team owners," according to Simon Jennings of REUTERS. Parish is "close to selling a stake in the south London club" to NHL New Jersey Devils and NBA Philadelphia 76ers co-Owners Josh Harris and David Blitzer, "in a deal that will reportedly bring in" about £100M ($151M) of external investment. Palace wants to upgrade the Selhurst Park stadium and training ground. Parish said, "The most important thing is the money that is available to invest in the infrastructure of the club. I should stress, this isn't for new players. We can manage that out of our own resources. This is to build the infrastructure of the club and to take it to the next level" (REUTERS, 12/1).