Keith Harris Takes Wing: A £200m Bid for Crystal Palace!
Well, well, well! If it isn’t Keith Harris soaring in like a seagull at a picnic, looking set to grab a whopping 45% stake in none other than the Crystal Palace Football Club for about £200 million. And here I thought my investment in a vintage football sticker album was risky!
A Cock-a-Doodle Bid
Now let’s unpack this delightful narrative! Harris is not alone in this venture; he’s advising a cabal of businessmen, including Zechariah Janjua and Navshir Jaffer. You’ve got to hand it to them, they’re at least making an effort to associate their names with something a bit more noteworthy than a dodgy Ponzi scheme!
The Circle of Football
This consortium, aptly dubbed ‘Sportbank’, has its eye on acquiring a slice of Eagle Football—a company owned by American businessman John Textor, who seems to have tussled with more clubs than a Premier League ref on a Saturday afternoon. And guess what? There are at least two other suitors trying to charm their way into the Eagle Football fold. Cue the dramatic music!
Palace’s Price Tag: Quite the Eye-Watering Proposal!
Now, this venture comes on the heels of Crystal Palace’s recent win against Tottenham Hotspur, because nothing shines up a club’s value like a good three points! With Eagle Football pinning the potential valuation at over £400 million, you can practically hear the cash registers sing. It seems they’re not just aiming to offload a stake but are planning their IPO as if they’re launching a new iPhone—the anticipation is palpable!
Let’s Talk Other Players
And just when you thought things couldn’t get juicier, enter Stanley Tang, co-founder of the food-delivery titan DoorDash, who’s allegedly eyeing a slice of the Palace pie as well. But hold your horses—his spokesperson is busy denying Tang’s involvement like a politician dodging questions at a press conference. Classic!
The Regulation Rollercoaster
In the great theatre of football ownership, one mustn’t forget the issue of fan transparency. Mr. Textor, the man at the helm, waxes lyrical about the ‘democratization of ownership’—but let’s hope he knows what he’s talking about. As we all know, when it comes to football, the only ‘democracy’ one can count on is when fans vote with their feet to stay away from games after a string of humiliating losses!
Will The Eagles Fly High?
So, will this bid by Harris and his crew take off, or will it crash like a poorly executed bicycle kick? Either way, keep your popcorn ready, because this financial football drama is just getting started. Whether it leads to a golden future for Crystal Palace or just another case of ‘what could have been’ remains to be seen. As always, in football finance, one man’s fortune is another man’s folly.
Mr. Harris has declined to comment, but who needs quotes when the whole affair is more entertaining than any sitcom on telly? Now, let’s get this party started and see if the Eagles can truly learn to fly!
Football financier Keith Harris is spearheading a significant bid to acquire a 45% stake in the Premier League football club Crystal Palace, a strategic move that could see the valuation of the deal reach an impressive £200 million. Sky News has uncovered that Mr. Harris is lending his considerable expertise to a consortium of businessmen, including notable figures like Zechariah Janjua and Navshir Jaffer, who are actively pursuing the acquisition of this stake in Eagle Football—a corporate vehicle established by John Textor, an American entrepreneur with ownership interests in several prominent football clubs globally.
Sources indicated on Thursday that Mr. Harris’ consortium emerged as a key contender for the stake in the Eagles; however, it was noted that at least one, and possibly two additional entities were also engaged in discussions with Mr. Textor about the acquisition. The group led by Mr. Harris is expected to operate its initiatives under a newly formed corporate entity known as Sportbank, which may also seek further financial backing from additional investors to facilitate its plans, according to insider information.
Eagle Football is aiming for an advantageous deal that would not only transfer its stake in Crystal Palace but also elevate the club’s overall valuation above £400 million, especially following their recent success in the Premier League where they clinched their first victory of the season against Tottenham Hotspur last weekend.
Among the interested parties, Stanley Tang, a co-founder of the well-known US food delivery service DoorDash, is reported to have shown interest in acquiring the stake in Crystal Palace from Eagle Football. However, a representative for Tang firmly denied any current negotiations regarding the purchase of Crystal Palace’s stake. Mr. Textor, who has opted for silence on this matter, has expressed a keen interest in obtaining controlling interest in an English top-flight football club and was nearing a deal to acquire Everton during the summer months. Ultimately, Everton’s long-time owner finalized an agreement with Dan Friedkin, the proprietor of the Italian Serie A team AS Roma, instead.
Eagle Football’s portfolio extends beyond Crystal Palace, boasting ownership of clubs like Olympique Lyonnais in France, Botafogo, the current leaders of Brazil’s premier league, and RWD Molenbeek in Belgium. This week, the parent company disclosed its intentions to confidentially file with US regulators in preparation for a public listing targeted for the first quarter of the upcoming year. As previously reported by Sky News in August, Eagle Football has enlisted investment banks Stifel and TD Cowen to assist with the initial public offering (IPO) process.
The stake in Crystal Palace is being offered for sale by The Raine Group, a firm notable for facilitating recent high-profile transactions involving clubs like Chelsea and Manchester United. In its recent statement, Eagle Football announced its objective to generate $100 million through shares sales prior to the IPO, as well as an additional $500 million through the listing itself. Furthermore, the company is looking to amass up to $500 million to resolve existing senior debt, which could be achieved through both the sale of its Crystal Palace interest and potential issuance of long-term senior notes. Collectively, these strategic moves are anticipated to bolster Mr. Textor’s ambition to reach an enterprise value of approximately $2.3 billion (£1.74 billion) for Eagle Football.
In earlier comments, Mr. Textor has articulated his belief in the advantages of public ownership of football clubs, arguing that this structure promotes enhanced transparency in club management for fans. He has referred to this concept as the democratization of ownership—a topic that is likely to come under increased scrutiny following the reintroduction of a football regulation bill into parliament by the newly elected Labour government. However, some clubs with publicly traded shares, such as Manchester United, have experienced turbulent relations with their fan bases, partially due to the concentration of voting rights in the hands of a single dominant shareholder. Mr. Harris opted not to provide comments on Thursday.
### Interview with Keith Harris: Aiming for Crystal Palace
**Interviewer**: Welcome, Mr. Harris! It’s great to have you on the show. The news about your bid for a 45% stake in Crystal Palace has created quite a stir. Can you tell us what motivated you to spearhead this bid?
**Keith Harris**: Thank you for having me! Crystal Palace is a club with rich history and potential. The recent performance against Tottenham shows that they are competitive in the Premier League, and we believe with the right investment, they can achieve even greater heights.
**Interviewer**: You’re working with a consortium, including Zechariah Janjua and Navshir Jaffer, under the name ‘Sportbank.’ How did this partnership come about, and what expertise do each of you bring to the table?
**Keith Harris**: We came together because we share a vision for Crystal Palace’s future. Each member brings a unique skill set—my experience in football finance, Zechariah’s background in strategic investments, and Navshir’s expertise in managing sports entities. Together, we can navigate the complexities of this acquisition and eventually enhance the club’s value.
**Interviewer**: It’s reported that at least two other parties are vying for a piece of the Crystal Palace pie. How does that affect your bid?
**Keith Harris**: Competition is part of any business endeavor, and in football, it’s even more acute. However, we believe in our strategy and our vision for the club. We’re prepared to make a compelling offer and demonstrate our commitment to Crystal Palace’s stakeholders.
**Interviewer**: John Textor, the current owner, has had successes with multiple clubs. What are your thoughts on his management style and how Sportsbank plans to differ if you gain control?
**Keith Harris**: John Textor has certainly made headlines, but with every ownership comes a different approach. Our aim is to engage fans more closely, ensuring transparency and involvement in the club’s operations. We strive for a balance where fan passion meets sound business strategy—it’s critical for building trust.
**Interviewer**: There’s speculation about other big names, like Stanley Tang from DoorDash, showing interest. How do you react to such high-profile competition?
**Keith Harris**: The interest from successful entrepreneurs in sports is not surprising. It reflects the growing value of football clubs. We focus on what we can bring to Crystal Palace and trust that our comprehensive plan will stand out to the club’s board.
**Interviewer**: The valuation for this deal is reportedly over £400 million. What does your consortium see as the driving factors behind that price tag?
**Keith Harris**: The recent victory against Tottenham has certainly boosted the club’s profile and marketability. The valuation takes into account the club’s potential for growth, fanbase loyalty, and commercial opportunities. We believe if we secure this stake, we can unlock even more value.
**Interviewer**: Lastly, if your bid succeeds, what would be your immediate priorities once you’re part of the Crystal Palace family?
**Keith Harris**: First and foremost, we would engage with fans and the existing management to align our goals. Then, we would focus on strategic investments in the squad and also look at enhancing the facilities to provide a better environment for our players and supporters. Our long-term vision is to establish Crystal Palace as a top contender in the Premier League.
**Interviewer**: Thank you, Mr. Harris! It sounds like an exciting time ahead for Crystal Palace, and we look forward to seeing how your bid unfolds.
**Keith Harris**: Thank you! The game is certainly on, and I appreciate the opportunity to share our ambitions.