Jimmy Butler Reportedly Expected to Be Part of $200M Crystal Palace Ownership Bid
Golden State Warriors star Jimmy Butler is reportedly entering world football ownership.
According to Matt Woosnam of The Athletic, "A consortium of sport and entertainment executives, which includes Butler, is expected to make an offer in excess of $200 million to purchase Eagle Football's 43 percent stake in Premier League soccer club Crystal Palace."
Other members of the potential ownership group include Morgan Stanley sports executive Bejan Esmail and former Roc Nation attorney Wajid Mir.
New York Jets owner Woody Johnson had reportedly made an offer for John Textor's shares in Crystal Palace but has "yet to meet [his] valuation," per The Athletic. Textor is Eagle Football's largest shareholder.
The sports investment group Sportsbank previously held exclusivity with Textor, but it lapsed. Esmaili and Mir's exclusivity has also lapsed.
Palace co-owners Josh Harris and David Blitzer have not agreed to buy out Eagle Football's shares and "have the right of first offer to buy Eagle's stake in the south London soccer club and have been approached by Textor, but according to sources familiar with the situation, their proposal fell short of being accepted."
Textor has expressed a willingness to sell at various points in the past year, though with fellow Eagle Football holding Lyon also qualifying for the Europa League, alongside Crystal Palace, conflict has arisen. UEFA rules prevent clubs with the same ownership groups from participating in the same competitions, and because Lyon finished higher in Ligue 1 than Palace did in the Premier League, the French club will be given precedence.
That has put Palace's European place in jeopardy, with the club's general partners attempting to argue that Textor has no operational control over Palace. A pending sale would certainly bolster that case.
As for Butler, current and former athletes entering ownership groups has become en vogue. Tom Brady owns a minority stake in the Las Vegas Raiders, Las Vegas Aces and Birmingham City, Patrick Mahomes is a part owner of the Kansas City Royals, LeBron James is part owner of Liverpool, and Magic Johnson owns a stake in the Los Angeles Dodgers, to name a few.
