US businessman John Textor buys stake in Crystal Palace

The Guardian newspaper reported that Textor's investment of 87.5 million pounds is believed to be a substantial percentage of the club, close to Chairman Steve Parish's 18% controlling stake.

Textor joins Steve Parish and fellow joint-owners Josh Harris and David Blitzer as the fourth director on the club's board.(File photo).

Crystal Palace said on Wednesday that U.S. businessman John Textor had joined its board of directors and has also become the club's newest investor.

The Guardian newspaper reported that Textor's investment of 87.5 million pounds was believed to be a substantial percentage of the club, close to Chairman Steve Parish's 18% controlling stake.

Textor, the founder and chief executive of virtual entertainment company Facebank, joins Parish and fellow joint-owners Josh Harris and David Blitzer as the fourth director on the club's board.

"We have been looking for the right investment for the right investor for a while, both to progress the club and deal with the significant financial challenges of the past 18 months due to COVID," Parish said in a statement on Wednesday.

Crystal Palace faces Chelsea on Saturday in Patrick Vieira's first match since succeeding Roy Hodgson as manager.