Lyon owner John Textor`s departure from Crystal Palace has been officially confirmed on the UK government`s Companies House website. The American investor has sold his stake in the Premier League club to fellow American businessman Woody Johnson. This development could signal that the sale has received approval from the Premier League.
Textor`s exit is widely believed to improve Crystal Palace`s prospects of being permitted to participate in the UEFA Europa League next season. The Eagles secured qualification for European football after defeating Manchester City in the FA Cup final. However, their potential place in UEFA`s secondary competition was at risk due to their inability to provide the necessary assurances that they have no affiliation with OL (Olympique Lyonnais).
A hearing had been scheduled to determine Crystal Palace`s eligibility for the competition. However, this has been postponed pending clarification of Lyon`s situation. OL is currently involved in an appeal process following their relegation to Ligue 2 by French football`s financial watchdog, the DNCG, due to financial mismanagement. Textor has also resigned from his position as OL president subsequent to this ruling.
