New York Jets owner Woody Johnson has signed a “legally binding contract” to buy John Textor’s 43% stake in Crystal Palace in a deal believed to be worth close to £190m.
Palace confirmed the news in a statement on Monday, but it has yet to be announced whether it boosts the club’s fight to be cleared to play in next season’s Europa League.
Palace said the deal is pending approval from the Premier League and Women’s Super League.
“We do not envisage any issues and look forward to welcoming Woody as a partner and director of the club,” the south London club added.
“We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future.”
Eagle Football Holdings – the multi-club company owned by Textor – bought a stake in Palace in 2021 for around £90m.
Johnson, like any such major investor, will have to pass the Premier League’s owners’ and directors’ test.
It is understood that the American businessman indicated he can transfer the funds quickly.
This is believed to have been a crucial factor in why his offer was favoured ahead of two other interested parties, given the predicament in which Palace find themselves with European football’s governing body Uefa regarding their 2025-26 Europa League entry.
Palace could lose their spot in Europe, earned by winning last season’s FA Cup, on the basis of Textor’s perceived involvement at Selhurst Park.
Uefa has been considering whether Palace breach its rules about multiple teams under one multi-club ownership structure competing in the same European competition.
This is because Textor has a stake in French club Lyon, who also qualified for the Europa League.
Whether the process of Textor selling his stake in Palace influences Uefa’s final decision remains to be seen.
But it does provide an indication the businessman is open to severing ties with Palace, an eventual scenario that could allow the Premier League club entry into the Europa League.
The other two parties in the running are unconfirmed but well-placed sources have indicated that a globally-renowned entertainment giant based in Florida have shown an interest, while another consortium that includes the NBA star Jimmy Butler also have a reported interest.
Investment vehicle Sportsbank – who were named as the preferred bidder to buy into Eagle at a time Textor was looking for investment – have also shown an interest in making an offer.
However, it is claimed that it would have taken around a month for Sportsbank to draw the financial contributions from their investors from the Middle East and the US which would not suit Textor’s need for a quick sale to help aid Palace’s case with Uefa.
Sources claim that Johnson is best placed among the interested parties to pass the Premier League’s owner’s and directors test given his estimated £3.39bn fortune and his status as globally-renowned businessman. He is the heir to the Johnson & Johnson pharmaceutical company.
Uefa are expected to make a decision on whether Palace can participate in the Europa League by the end of June.
For 46 years it’s been a wonderful ride, the sweetest of sagas, the Buss family treating the Lakers like their precocious child, nurturing, embracing, empowering, transforming them into arguably this country’s most celebrated sports franchise.
But it’s time.
It’s time to give their baby to somebody who won’t be burdened by the family ties or deep friendships that have increasingly interfered with the chasing of championships.
It’s time to hand their beloved to somebody with enough money to keep it strong and enough vision to keep it relevant.
Yes! It’s them! They’re here! Welcome, welcome, welcome! Come on in! Make yourself at home! History has been waiting for you!
This is really happening, the majority ownership of the Lakers is really being sold to Dodgers chairman Mark Walter and his TWG Global group at a franchise valuation of $10 billion, making it the richest transaction in sports history.
To Los Angeles sports fans, it’s worth even more.
For the future of professional sports in this city, it’s priceless.
This is the best thing to happen to the Southland’s sports landscape since, well, the last time Walter’s TWG Global group bought something this big.
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It was 2012, and they bought the Dodgers, and just look what they’ve done with them.
Since 2013, Walter’s team has been in the playoffs every year, won their division 11 of those 12 years, appeared in four World Series and won two of them.
Since 2013, the Lakers have won one title in their only Finals appearance during that period while making the playoffs only half the time.
Mad respect to the Buss family, who oversaw 11 championships while providing the stage for greats from Magic Johnson to Kobe Bryant to LeBron James. But since the death of patriarch Jerry Buss in 2013, the organization has lacked a sustained championship vision and effective championship culture.
Everybody loves Jeanie Buss, who will continue in her role as Lakers governor, but she has grown increasingly out of touch with the demands of the modern game.
Where contending teams are now led by analytics-driven minds, she would rely on old friends like Linda and Kurt Rambis and Rob Pelinka, who became part of the family by being Kobe Bryant’s agent.
Where contending teams increasingly relied on younger players, Buss’ Lakers were always tied to aging superstars, their title hopes crashing around a hobbled Bryant and now buckling under a slowly eroding James.
Lakers owner Jerry Buss with children (clockwise from top left) Jeanie, Johnny, Jim and Janie in 1979.
(Gunther / mptvimages.com)
Since Jerry Buss’ death, the vision-less Lakers have wandered through the NBA desert in search of a strong leader who could build for sustained success.
In Walter’s group, they have that leader.
If the Dodgers are any indication, the Lakers are in for the sort of massive facelift that would make even a Beverly Hills plastic surgeon blush.
There will be money poured into the Lakers’ woefully small infrastructure, more money for coaches, more money for scouts, more money for trainers, more money for the amenities at Crypto.com Arena.
Who knows, maybe even more money for a new arena eventually? Don’t scoff, the Dodgers spent more than $500 million just to put a shine on Dodger Stadium, they will dig deep for that fan experience. They will dig deep for everything.
If there’s an insanely expensive but wildly successful general manager candidate out there — former Golden State guru Bob Myers comes to mind — the new Lakers will buy him.
Jeanie Buss attends a game between the Lakers and the Milwaukee Bucks at Crypto.com Arena on March 20.
(Allen J. Schaben / Los Angeles Times)
If there’s an experienced but costly head coaching candidate hanging around, the new Lakers will nab him.
Although they will be somewhat constrained by the salary cap, the new Lakers will go deep into any tax to buy the best players as long as they can retain their draft picks.
The Dodgers are about winning every year, not just the next year, so expect the new Lakers to covet the future as much as the present.
This is good news for young Luka Doncic. This is not such good news for James.
The Buss family always vowed to do whatever it takes to keep James happy and allow him to retire here. The new Lakers won’t be so sentimental. James hasn’t signed on for next season yet, and maybe this change of ownership changes what once appeared to be a slam dunk.
The new Lakers won’t have the rich heart of the old Lakers. But they also won’t have the old destructive loyalties.
The new Lakers will be only about winning, something Jerry Buss understood and amplified, something which has been sadly lost since his passing.
Lakers owner Jerry Buss celebrates with the Larry O’Brien Trophy after the team’s 1980 NBA championship victory.
(NBAE / Getty Images)
The Buss family was good for Los Angeles, and their stewardship of one of this city’s crown sports jewels should be celebrated.
But it’s time, and it’s perfect that their neighbors down the road have decided to be the ones to spruce up the place.
Before this sale, the only thing the Dodgers and Lakers shared occurred after victories, when both team’s sound systems would blare, “I Love L.A.”
Now they share a championship bank account, a championship vision, and a championship commitment.
June 19 (UPI) — The owner of a Chicago laboratory was sentenced to seven years in prison for his role in a $14 million scheme of falsifying COVID-19 test results.
Zishan, Alvi, 46 of Inverness, Ill., was sentenced Wednesday for the scheme and was ordered to pay $14 million in illegitimate taxpayer-backed payments.
The fraud involved releasing negative test results to patients, even when the laboratory had not conducted the tests, or the results had been diluted by Alvi to save on costs.
U.S. District Judge John Tharp sentenced Alvi and called his actions “fraud on a massive scale,” and said how it also put the public in unsafe circumstances when they were seeking reassurance through testing.
“People were scrambling to get tested for COVID because they didn’t want to imperil the safety and health of the people they cared about,” Tharp said.
“A negative test was like a passport, ‘You know, I tested negative. I can go see my grandma, I can go see my children with their newborn baby.’ These were people who depended on that report to govern what they could safely do and not do.”
Alvi knew the laboratory was faking results, but Alvi still reported it back to the Health and Human Services’ Health Resources and Services Administration, prosecutors said.
Alvi stood at the lectern before he was sentenced and told the judge how he was “filled with remorse and a deep sense of regret” for his “selfish decisions.”
“I should never have put profits ahead of the job we intended to do for the public,” Alvi said, as several relatives wiped tears from their eyes in the courtroom gallery. “I should have put the people first.”
The Los Angeles Lakers, a family-run business since Jerry Buss purchased the franchise in 1979, will be sold to Dodgers controlling owner Mark Walter and TWG Global, according to multiple people briefed on the deal.
The deal is expected to occur with the Lakers’ valuation being about $10 billion — a record for a professional sports franchise.
Walter will now lead the city’s two premier professional sports teams.
Control of the Lakers went into a family trust after Buss died in 2013, with daughter Jeanie Buss operating as the team’s governor. The structure of the trust meant the majority of Buss’ six children — Johnny, Jim, Jeanie, Janie, Joey and Jess — would need to agree for a sale to occur.
The Lakers didn’t respond to requests for comment.
The sale was viewed as a massive surprise in NBA circles.
Jeanie Buss reportedly will remain governor under the terms of the sale. All controlling governors representing teams in league meetings need to own at least 15% of the franchise to serve. The Buss family owned 66%.
The sale will end family-run control of the Lakers, who have achieved incredible success — 11 NBA championships earned by some of the league’s most iconic figures, including Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal, Kobe Bryant and LeBron James — under Buss and his children’s leadership.
“I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss. Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust,” Magic Johnson wrote in a post on X.
“She’s witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans! Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community! I love both my sister @JeanieBuss and my business partner Mark Walter.”
In March, Bill Chisholm purchased the Boston Celtics from Wyc Grousbeck for $6.1 billion. Mark Cuban sold his control of the Dallas Mavericks late in 2023 for $3.5 billion.
And earlier that year, Marc Lasry sold the Milwaukee Bucks for $3.5 billion. Grousbeck and Cuban were two of Jeanie Buss’ closest confidantes among league ownership.
Walter and Todd Boehly became the Lakers’ largest minority shareholders in 2021 when they bought 27% of the franchise — a stake previously held by Phil Anschutz.
“The Los Angeles Lakers are one of the most successful and admired franchises in sports history,” Walter said in a news release at the time. “I have watched the organization grow under Jeanie’s leadership and couldn’t be more excited to partner with her and the entire management team. I am committed to supporting the franchise’s iconic status by continuing to bring together culture, community and entertainment to Lakers’ fans.”
Walter was a relatively anonymous billionaire in 2012, when Johnson and Stan Kasten were the marquee partners in the purchase of of the Dodgers for $2 billion, then the largest price paid for a Major League Baseball team.
Critics scoffed at the purchase price, but Walter and Boehly then negotiated a record $8.35-billion local television deal with Time Warner Cable. Sportico this year valued the Dodgers at $7.73 billion and estimated that they generated $1 billion in revenue last year, highlighted by the global economic boost they gained from signing Shohei Ohtani to a record $700-million contract.
The Dodgers also won the World Series last year, their second championship and fourth World Series appearance in the last eight years. In the 13 seasons since Walter and his group bought the Dodgers, the team has posted a winning record every year. In that same 13-season span, the Lakers have one championship, one NBA Finals appearance and six winning records.
After buying the Dodgers, Walter and Boehly explored buying AEG, the entertainment giant that owns the Kings and Crypto.com Arena. Walter subsequently bought the Sparks, invested in the Lakers and launched a professional women’s hockey league in which the championship trophy is called the Walter Cup.
If the Dodgers’ purchase is any indication, Walter might not make an immediate flurry of changes with the Lakers. After he bought the Dodgers, he retained general manager Ned Colletti through the 2014 season before replacing him with Andrew Friedman.
The beloved O’Malley family sold the Dodgers before the turn of the century, saying the economics of professional sports had exploded beyond the means of families with no other significant source of income.
Under Walter, the Dodgers have not only raised their payroll to record levels but invested heavily in areas that they believe help deliver a winner, from a vaunted analytics department to dietitians for their major and minor league players and expanded clubhouses with the latest in hydrotherapy. The owners also have invested more than $500 million into renovating Dodger Stadium, adding modern amenities to a 63-year-old ballpark.
The Lakers, whose minority owners include Los Angeles Times owner Dr. Patrick Soon-Shiong, are entering a critical moment in the franchise’s history. James, the NBA’s all-time leading scorer, has a $53-million player option that he needs to either accept or decline by June 29. If he declines, he’d be an unrestricted free agent.
The team also is trying to sign Luka Doncic, who it acquired in a shocking trade last February, to a massive contract extension functionally making him the future face of the franchise. He’s eligible to sign an extension on Aug. 2.
Times staff writer Jack Harris contributed to this report.
The winter wails of “Are the Dodgers ruining baseball?” pretty much established the Dodgers as the team other major league owners love to hate. If there is one thing most owners love more than winning, it is cost control. That is why they covet a salary cap.
The team other owners love? It might just be the Angels.
For owners, costs go beyond the salaries of major league players. In 2021, Major League Baseball eliminated 43 minor league teams affiliated with MLB organizations. Why, owners wondered, should we continue to pay two dozen entry-level players to fill out a roster when only two of them might be legitimate prospects?
And what could be more efficient than turning over player development to colleges? The NFL has no minor league. The NBA has one. Even after those 2021 cuts, MLB teams remain affiliated with 14 minor leagues.
That brings us to the Angels. In football and basketball, a first-round draft pick almost always goes from college one year to the NFL and the NBA the next. In baseball, even a first-round draft pick can spend several years in the minor leagues.
The Angels just called up second baseman Christian Moore, who could make his major league debut Friday in Baltimore, and pitcher Sam Bachman. That means the Angels’ roster now includes eight of their first-round picks — including each of their past five, all 25 or younger.
None of them spent even 100 games in the minor leagues, and almost all of that limited time was spent at the highest levels of the minors. This time last year, Moore was preparing for the College World Series with eventual national champion Tennessee. The Angels gave him 20 games at triple-A Salt Lake, in which he hit .350 with a .999 OPS, and summoned him to the majors.
Of the nine players likely to take the field for the Angels on Friday, the team drafted six in the first round: Moore (2024), first baseman Nolan Schanuel (2023), shortstop Zach Neto (2022), and outfielders Jo Adell (2017), Taylor Ward (2015) and Mike Trout (2009). The bullpen would include Bachman (2021) and Reid Detmers (2020).
Angels shortstop Zach Neto walks through the dugout during a game against the Miami Marlins on May 24.
(Gina Ferazzi / Los Angeles Times)
This is not the only way to win. None of the Dodgers’ past five top draft picks are even in the major leagues, and the team’s current roster includes only two Dodgers’ first-round draft picks: catcher Will Smith (2016) and pitcher Clayton Kershaw (2006).
No matter, of course, because the team’s current roster also includes Shohei Ohtani, Mookie Betts, Freddie Freeman and Yoshinobu Yamamoto. Total cost for that quartet: $1.6 billion. Total signing bonuses for the eight Angels first-round picks: $30 million.
And there is no evidence to show what we might call the Angels Way — drafting polished college stars capable of getting to the majors in a hurry — is a way to win. The Angels are trying to rebuild without investing heavily in scouting and player development. They have not posted a winning season in 10 years.
As the Angels open play Friday, they are one game under .500. They played .360 ball in April and .500 ball in May, and they have played .700 ball so far in June. They are 4 ½ games out of first place in what appears to be baseball’s weakest division, the American League West.
What the Angels are trying means you absolutely cannot miss on your top draft picks. Although each of their first-rounders this decade now has made the majors, to this point only Neto has displayed star potential. It’s still early, of course, and a team that learned that Ohtani and Trout alone cannot deliver October is hoping to develop a broader base of talent.
The Angels will try again in a few weeks. They have the second overall pick in the July draft. They could aim to fill their Anthony Rendon-sized third-base hole with Oregon State’s Aiva Arquette. On Thursday, prospect analyst Keith Law of The Athletic projected the Angels would take Tennessee left-hander Liam Doyle.
“Everyone expects the Angels to take Doyle or (LSU left-hander) Kade Anderson,” Law wrote, “and then put whoever they select in the majors before the ink is dry on the contract.”
That would make nine first-rounders on the major league roster. That, certainly, would be efficient. Negotiations for a new collective bargaining agreement start next year, and the Angels Way could embolden owners to eliminate even more minor league teams.
The fans might be rooting for the star-studded Dodgers. The cost-conscious owners are rooting for the Angels.
