After two years of talks and investigation, American billionaire Josh Harris "has finally put pen to paper and signed a deal" that will result in a £50M ($74.5M) cash injection for Premier League side Crystal Palace, according to Alyson Rudd of the LONDON TIMES. Most of the money "will be used to turn Selhurst Park into a 40,000-seat stadium but a small proportion might be available for new signings." Harris and fellow American businessman David Blitzer "have bought a controlling stake in the club" worth £100M ($149M) but Palace co-Chair Steve Parish has retained an 18% stake and "will remain in overall charge of the day-to-day running of the club." Harris owns the NBA Philadelphia 76ers and the NHL New Jersey Devils (LONDON TIMES, 12/17). The AP reported Crystal Palace Manager Alan Pardew said that investment by American sports tycoons could enable the Premier League club to "look forward to a future with expectation." Pardew said that he has "been involved to some degree with Josh and David." He added that "they have a passion for this football club which has grown" (AP, 12/17). In London, Jack de Menezes reported the £100M deal is believed to include 70% of Palace's shares, while the remaining 46% of the club "will be owned by a combination of the three existing CPFC 2010 investors and other American investors." However, "current co-owners Steve Browett, Martin Long and Jeremy Hosking will reduce their shareholding" (INDEPENDENT, 12/17).
