how the more than BRL 680 million of the future owner of Botafogo helped Crystal Palace

John Textor, who should become the owner of Botafogo, invested more than R$ 680 million in Crystal Palace in the Premier League

American John Textor already has a pre-contract signed to become the majority shareholder of the Botafogo. The Rio club should thus become the second acquisition in football by the businessman, who in August became the owner of part of the Crystal Palace.

The England team is one of those that will take the field this Sunday in the traditional round of Boxing Day after Christmas. Premier League. London’s duel against the tottenham, at 12:00 (GMT), will have live stream by ESPN on Star+.

Textor bought 40% of Palace shares in the face of an investment of nearly 90 million pounds (just over R$680 million at the current price). At Botafogo, the promise is an injection of R$ 400 million in the coming years.

In addition to the entertainment billionaire, the Palace has three other owners in charge of the club: fellow Americans Josh Harris and David Blitzer and president Steve Parish.

Palace was not the first English club sought by Textor, who also studied investing in Brentford, Newcastle and Watford. Outside the Premier League, he came close to buying 25% of Benfica’s shares, but the deal did not move forward. According to the website “The Athletic”, in addition to Botafogo, RWD Molenbeek, from the 2nd division of Belgium, could be another new acquisition by the billionaire.

The investment made in Crystal Palace went straight to the club’s coffers and partially financed new signings, structure in the youth categories and should also mean refurbishing the team’s stadium, Selhurst Park, in South London.

In the transfer window that preceded Textor’s arrival, Palace had its spending record since the 2016/17 season, investing over £66m (£501m at the current price). The most expensive reinforcement was Marc Guehi, signed from Chelsea for 21 million pounds (almost R$ 160 million).

In the youth divisions, Palace is working towards achieving “Category 1” certification, a seal given only to England’s centers of excellence in player education. In order to fulfill all the requirements, investment is essential, and the arrival of Textor was important for this objective.

To close, with Textor’s money, Palace also hopes to be able to move forward with its Selhurst Park modernization plan, approved years before the arrival of the new investor, but stalled around the necessary approvals.

From August until now, the club has already obtained a new agreement with the authorities to advance the work. Settlement includes, for example, the purchase of land owned by a supermarket. Again, the billionaire’s dough should help resolve the issue.

In 2019/20, Crystal Palace had its finances affected by the COVID pandemic and closed the season with a deficit of 66.1 million pounds (more than R$ 500 million).

About Abhishek Pratap

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