New Jersey Devils and Philadelphia 76ers owners Josh Harris and David Blitzer has signed an investment deal with Crystal Palace.
The South London club released a statement on the deal on Friday on their website.
“Crystal Palace Football Club is delighted to announce that it has today signed a deal with investors Josh Harris and David Blitzer. The deal will see chairman Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure.
They will be joined by a number of other investors in a limited partnership that will include current CPFC2010 shareholders, Stephen Browett, Jeremy Hosking and Martin Long, who will all retain a substantial shareholding.
All shareholders have agreed an initial £50m injection of capital for the development of the stadium, with more to follow. This will give fans the first-class facilities they deserve.
The deal offers the club the best opportunity to build on the enormous progress made over the last five years, during which time it has come out of administration and established itself as a thriving, financially secure member of the Premier League.
It ensures that, while overseas investors are joining us, the heart and soul of the club remains in south London.”
Chairman Steve Parish will stay on and run the day to day business.
“I’m delighted that Josh and David have agreed to make this investment and join me in shaping the future of Crystal Palace,” Parish said in the statement.
“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 am looking forward to getting started with them and continuing to drive this great football club to ever great heights. 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.”