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Premier League side Crystal Palace "rejected a takeover bid from the Shanghai Naisi Investment Management Centre," according to Hughes & Joyce of the LONDON TIMES. The Chinese investment fund "is understood to have offered considerably less" than Palace's £220M ($285M) asking price and "has been unwilling to raise its bid, leading to the collapse of the proposed deal" after months of negotiations. Shanghai Naisi is the investment vehicle of Double-Edged Sports, a Chinese marketing company which owns Spanish second division side Granada. Its interest in Palace was revealed in April. Jiang Lizhang, a Chinese businessman, "is understood to have met lawyers" acting for Palace Chair Steve Parish to "discuss buying the club, without reaching an agreement." Shanghai Naisi is believed to have paid Palace a deposit of £4.5M ($5.8M) to help facilitate the deal before balking "at the club's valuation." No further talks are planned at this stage, with Shanghai Naisi "unable to access that amount of capital at a time when the Chinese government is attempting to reduce the amount of money leaving the country" (
LONDON TIMES, 7/20). In London, Giuseppe Muro reported Palace "refused to comment" on reports it rejected the takeover bid. The club was "said to be under consideration for a takeover and approached about a potential deal" but "decided not to comment." Parish, who "saved Palace from liquidation" in '10 when his CPFC 2010 consortium bought the team, has an 18% share of the club (
EVENING STANDARD, 7/20).
