Jets Owner Woody Johnson Enters Premier League

Woody Johnson, the owner of the Jets, is making waves in Premier League football.

He has agreed to purchase a 43% stake in Crystal Palace from John Text in a deal involving Eagle Football. Reports suggest that the transaction could be valued at around £109 million, or approximately $254 million.

Since acquiring the Jets in 2000 for $635 million, Johnson is now expanding his sports portfolio. This move aligns with a growing trend of sports owners diversifying across various leagues and franchises.

The process is expected to move swiftly due to Johnson’s prior experience, but it’s important to note that the Premier League must ratify the purchase.

Johnson, the heir to the Johnson & Johnson fortune, boasts a net worth of $9.1 billion, according to the Bloomberg Billionaire Index.

He also served as the U.S. ambassador to the UK from 2017 to 2021 during Donald Trump’s administration.

Interestingly, Johnson attempted to purchase Chelsea in 2022 but was outmaneuvered by former Russian businessman Roman Abramovich after government approval was given following Russia’s invasion of Ukraine.

This acquisition could offer a boost to Crystal Palace’s aspirations to compete in the UEFA Europa League next season.

However, under Text’s ownership, there were concerns regarding participation in the Europa League due to regulations about multi-club ownership, specifically since Eagle Football Group also owns French club Lyon, which has also competed in the Europa League.

Text, a 59-year-old American businessman, previously held the position of executive chairman at FuboTV and invested $115 million to acquire a 40% stake in Crystal Palace back in 2021, partnering with other co-owners Steve Parish, David Blitzer, and Josh Harris.

Blitzer and Harris co-own the New Jersey Devils and Philadelphia 76ers through Harris Blitzer Sports Entertainment, with Harris also recently acquiring the Washington Commanders from Dan Snyder in 2023.