Crystal Palace agrees major US investment to develop first-class facilitiesPrint news article
Teams from Herbert Smith Freehills and Walker Morris support Crystal Palace FC on US investment deal
Teams from law firms Herbert Smith Freehills and Walker Morris have advised Premier League football club, Crystal Palace FC, on a deal to secure major investment with US businessmen, Josh Harris and David Blitzer.
Josh Harris, David Blitzer and the current chairman Steve Parish will take control of the club in a general partnership structure. They will be joined by a number of other investors that will include the current CPFC2010 shareholders Stephen Browett, Jeremy Hosking and Martin Long who will all retain a substantial shareholding.
All shareholders have agreed an initial £50 million injection of capital for the development of the stadium, with more to follow.
James MacArthur, Head of Private Equity at Herbert Smith Freehills, and associates Joe Stolerman and Rick Wright, advised the shareholders in CPFC2010. David Hinchliffe, Head of Sport at Walker Morris advised Crystal Palace FC.
James MacArthur commented: “Josh Harris and David Blitzer have established a long track record of successful investments in other sports clubs. They share a passion for sport and for Crystal Palace and are determined to help deliver future success for the Club. This deal will help to reinforce the Club’s future as a thriving, financially secure football Club. I have worked with Chairman, Steve Parish, for a number of years, and it was a great pleasure to advise Steve and his fellow owners of CPFC2010 on this exciting investment.”
David Hinchliffe added:
“The deal is great news for the Club and its supporters and a fantastic opportunity to build on the progress the Club has made over the last five years, during which time it has firmly established itself in the Premier League. The investment will provide valuable funds to enable the Club to make long term investments in the infrastructure and give the fans the first-class facilities they deserve.
We are proud to have acted for the Club since Steve, Martin, Jeremy and Stephen bought the Club out of administration in 2010 and it is a great pleasure to be part of a deal which will undoubtedly take the Club to even greater heights.”
Steve Parish said:
“I’m delighted that Josh and David have agreed to make this investment and join me in shaping the future of Crystal Palace.
“I have had the great pleasure of getting to know them both over the past 18 months and I am sure they will be a huge help to me and add an enormous amount of value.
I would like to thank Stephen Jeremy and Martin, as well as all the club’s supporters, for their incredible support over the past five years and I am thrilled they will retain a shareholding for the next part of the journey.”
Josh Harris and David Blitzer currently own the NBA’s Philadelphia 76ers and ice hockey team, New Jersey Devils.