Josh Harris Possible Full Takeover Bid ?

[The Lads got class]

I know it’s the Sun, but being reported that Josh Harris who already owns 18% of Palace shares could be about to buy the 43% of shares recently purchased from Textor by Woody Johnson , this would take his stake over the maximum of 50% that anyone person can own based on current CPFC rules . CPFC rules would need to be changed to allow this but maybe he is even looking to take full control ? I’m sure Parish mentioned recently that he would always step aside for the good of the club ? Of all current owners he is by far the wealthiest at just over $10 billion USD .

 

[Ex Dubai Eagle]

Whilst it may or may not be true the first thing that strikes me as a bit bizarre is the timing of it, I would have thought that if Josh Harris wanted more control the easiest thing to have done would have been to bought the shares directly from John Texter, unless of course there was some reason Josh Harris found to impossible to deal with Texter (Eagle football) but is on better terms commercially with Woody Johnson.

 

[Lanzo-Ad]

One thing you can say about the Palace is, its never dull 🤣

 

[samprior]

Does seem bizarre. Maybe Textor would have held out for more and dragged his feet over the deal if it had just been Harris offering to buy him out. I've got no idea.

This will probably be completed on deadline day leaving us 8hrs to make transfers 😂

 

[Badger11]

I know it’s the Sun, but being reported that Josh Harris who already owns 18% of Palace shares could be about to buy the 43% of shares recently purchased from Textor by Woody Johnson , this would take his stake over the maximum of 50% that anyone person can own based on current CPFC rules . CPFC rules would need to be changed to allow this but maybe he is even looking to take full control ? I’m sure Parish mentioned recently that he would always step aside for the good of the club ? Of all current owners he is by far the wealthiest at just over $10 billion USD .

Could be a Sansom Clive Allen thing?

Harris or Textor didn't want to deal with each other so Harris got his mate? Johnson to buy the shares?

 

[Davepalace707]

One thing you can say about the Palace is, its never dull 🤣

This is getting ridiculous!

 

[Eagleman13]

Crystal Palace prepare for takeover battle just days after Europa League saga

CRYSTAL PALACE’S new major shareholder Woody Johnson is set to be a target for a ‘takeover’ bid by Josh Harris. Johnson recently became Palace’s biggest shareholder when he bought out John Textor’s…

www.thesun.co.uk

 

[doombear]

Could be a Sansom Clive Allen thing?

Harris or Textor didn't want to deal with each other so Harris got his mate? Johnson to buy the shares?

It would explain why Johnson was willing to put himself in exactly the same position as Textor with the largest stake but no real influence unless backed by H&B.

 

[NEILLO]

Josh wrote this on LinkedIn in May ;

After 164 years, Crystal Palace Football Club are FA Cup champions, for the first time ever.

At Wembley Stadium, we took on Manchester City in a final that will go down in club history. Eberechi Eze had the winner and Dean Henderson delivered a heroic performance in goal, including a penalty save that kept us alive. It was a gritty and fearless full-team effort.

Amazing to celebrate this milestone with my family, from my son Thomas Harris cheering from Boston, to my wife, Marjorie Harris by my side, and with my partners David Blitzer, David Adelman, John Textor, Eric Linn, and, of course, Chairman Steve Parish and so many others who have supported this journey.

Steve, your leadership and devotion to this club made today possible.

Huge credit as well to Manager Oliver Glasner, whose leadership and vision have brought new energy and belief to Selhurst Park.

The fans showed up in full force, bringing the spirit that defines this community. Wherever you are, hashtag#SouthLondonProud.

This isn’t just a trophy – it’s a turning point. Next up – the Europa League. Let’s go! Up the Palace!

Perhaps this was also a turning point in his interest in CPFC ?

 

[ASCPFC]

I had posted a couples of times that I wondered if a takeover was happening. I thought it would be likely Johnson but it's not according to this. The reason I said it:
While a takeover is happening, transfer dealings are left in limbo.

 

[Hrolf The Ganger]

Parish will sell up at some stage of course, but tabloid stories are worth nothing.

Parish is wed to Palace. I can't see him quitting until the new stand is built at the very least.
If he did go, it would be in order to facilitate something very advantageous for the club.

 

[ASCPFC]

Parish will sell up at some stage of course, but tabloid stories are worth nothing.

Parish is wed to Palace. I can't see him quitting until the new stand is built at the very least.
If he did go, it would be in order to facilitate something very advantageous for the club.

I think he could quite easily be forced out. If there's a majority shareholder, they might want their own ideas. Conversely they might keep Steve on; impossible to know.

 

[Hrolf The Ganger]

I think he could quite easily be forced out. If there's a majority shareholder, they might want their own ideas. Conversely they might keep Steve on; impossible to know.

Do the club rules allow for that?

Would Textor not have been able to do it if that was the case?

 

[Midlands Eagle]

Do the club rules allow for that?

Would Textor not have been able to do it if that was the case?

If he were to purchase sufficient shares to take him over 50% he would then be in a position to change the rules

 

[Hrolf The Ganger]

If he were to purchase sufficient shares to take him over 50% he would then be in a position to change the rules

But is anyone allowed to do that within the rules?

 

[Midlands Eagle]

But is anyone allowed to do that within the rules?

I'm guessing that a majority shareholder could call an Extraordinary General Meeting to change the rules. I assume that his American mate would back him anyway

 

[ASCPFC]

Do the club rules allow for that?

Would Textor not have been able to do it if that was the case?

I'm not an expert on this but those company rules were presumably written into Textor's purchase. They will still exist.
However, as far as I'm aware, a majority shareholder will buy the voting rights of the other shareholders. So let's say he gets 25% voting rights from Woody (which seems quite unlikely to happen to me) and he has 18% shares - he has majority share control but not majority voting rights. He could simply buy out some of Blitzer or Franco or even Steve and have full voting control then: one way to do it.
(The reason I say Woody seems unlikely is why would he bother to sell straight away?)
However, I also have a feeling that the company's "constitution" can be changed by the board. Which would mean that if Harris had the 43% voting rights but 69% of the shares, if they had an extraordinary meeting and Blitzer backed him, they could rewrite the club's constitution and change the whole ownership and voting structure. And change chairperson should they want to.
I would expect shareholding to formally recognise influence eventually. The American way.

 

[Hrolf The Ganger]

I'm guessing that a majority shareholder could call an Extraordinary General Meeting to change the rules. I assume that his American mate would back him anyway

I feel like this would have already happened if it was that easy, but I'm also only guessing.

 

[Hrolf The Ganger]

I'm not an expert on this but those company rules were presumably written into Textor's purchase. They will still exist.
However, as far as I'm aware, a majority shareholder will buy the voting rights of the other shareholders. So let's say he gets 25% voting rights from Woody (which seems quite unlikely to happen to me) and he has 18% shares - he has majority share control but not majority voting rights. He could simply buy out some of Blitzer or Franco or even Steve and have full voting control then: one way to do it.
(The reason I say Woody seems unlikely is why would he bother to sell straight away?)
However, I also have a feeling that the company's "constitution" can be changed by the board. Which would mean that if Harris had the 43% voting rights but 69% of the shares, if they had an extraordinary meeting and Blitzer backed him, they could rewrite the club's constitution and change the whole ownership and voting structure. And change chairperson should they want to.
I would expect shareholding to formally recognise influence eventually. The American way.

I was under the impression that Parish's position was protected, hence he can control the club with a small share.

 

[ASCPFC]

I was under the impression that Parish's position was protected, hence he can control the club with a small share.

Under the current agreement it is. After a takeover anything could happen. Whoever owns the club will decide.
They may just continue as rather sleepy partners. We just don't know.
I expect Textor tried to get rid of Steve but my guess is that the others wouldn't back him. Dislikeable fellow but that shouldn't stop strictly business. I get the feeling there's more to Textor and Woody, Harris and Blitzer than we know about.
Textor does not seem to be trusted.