John Textor`s divestment from Crystal Palace has been officially confirmed via the UK`s Companies House website. The American businessman has completed the sale of his shareholding in the Premier League club to fellow American investor, Woody Johnson. This official confirmation suggests the transaction has received approval from the Premier League.
Textor`s departure is seen as beneficial for Palace`s eligibility for the Europa League. Although the club has potentially secured a spot in continental competition for next season, issues regarding affiliation rules with OL (also owned by Textor) had put their participation in UEFA`s secondary tournament at risk.
A hearing was scheduled to decide Crystal Palace`s European fate, but it has been postponed pending the resolution of Lyon`s situation. OL is currently appealing its relegation to Ligue 2 by the DNCG (Direction Nationale du Contrôle de Gestion) due to reported financial mismanagement. Following this DNCG ruling, John Textor also resigned from his position as president of Olympique Lyonnais.
