Crystal Palace looking to main shareholders to fund stadium upgrades

Premier League club Crystal Palace is looking to raise $57M to “fund the redevelopment" of Selhurst Park Stadium, according to sources cited by David Hellier of BLOOMBERG NEWS. Crystal Palace Chair Steve Parish is “hope to raise funds from Palace’s other major shareholders,” which include John Textor, Josh Harris and David Blitzer. The new main stand would “raise capacity from 26,000 to more than 34,000 … boost corporate hospitality and provide opportunities to hire the venue outside match days.” The current main stand was built in 1924. The hope is to start construction this summer. A source said that costs are likely to exceed $190M. That figure has “increased since it was first planned,” though Parish claims the new stand will provide an extra $25-38M annually in revenue (BLOOMBERG NEWS, 11/30).