Crystal Palace up for sale by club's billionaire American owners who hold talks with potential buyers

The Wall Street financiers who bought the club just three years ago have held talks with a US-based financial group about trying to sell the Premier League side.

Josh Harris, a billionaire who helped found Apollo, and David Blitzer, a senior executive at Blackstone, who acquired Palace three years ago, have hired PJT Partners – a US boutique investment bank – to advise them on the sale of the team, according to a report in the Financial Times.

Harris and Blitzer, who also own NBA team the Philadelphia 76ers and NHL team New Jersey Devils, have not responded or issued comment about the story, according to city news agency Bloomberg.

Both Wall Street financiers were unveiled by club co-chairman Steve Parish as new co-owners in December 2015.

Parish continued as chairman alongside Harris and Blitzer as general partners, with company accounts showing that Palace Holdco LP (a limited partnership registered in Delaware, where ownership details do not have to be declared) have a controlling stake in the club.

And Parish confirmed both Harris and Blitzer own an 18% share each to match his own.

Harris, 54, is a private equity investor whose fortune is estimated to be worth £2.7bin ($3.5bn).

And Blitzer, 49, is originally from New Jersey, is also a private equity investor, and his net worth is estimated at £1bn ($1.3bn).

The American investors agreed to initially inject £50m of capital upon the completion of the Palace takeover, earmarked for the development of Selhurst Park.

And last year the club unveiled plans to build a new main stand at the stadium, with the project expected to cost up to £100m, although work failed to kick off as planned last summer.

Harris and Blitzer's decision to sell Palace comes as a surprise considering US billionaires' appetite to invest in the Premier League – with Manchester United, Arsenal and Fulham all under American ownership.

Palace achieved record annual revenues of £142.7m over the 2016/17 season, the last financial figures available, and have maintained their Premier League status since promotion in 2013.

It might boil down to Harris and Blitzer's unsuccessful attempt to close the TV revenue gap between Prem clubs – which is the Eagles' main source of income.

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