Jets’ Woody Johnson makes $254 million purchase of Premier League club

New York Jets owner Woody Johnson has made another big move as a businessman, agreeing to a $254 million deal to buy a 43% stake in the Premier League team Crystal Palace. Johnson will buy the club from John Textor, according to ESPN's Mark Ogden.

The agreement is currently pending approval, as it has to pass the league's Owners and Director's Test, which is also known as the Fit and Proper Persons Test.

“Whilst the completion 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,” Palace said in a statement.

“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.”

If the purchase is approved, Palace would have a chance to play in the UEFA Europa League next season, and it will end the prospect of the club breaching multiclub ownership rules. They have yet to be cleared to play the Europa League due to the negotiations between the club and UEFA.

For some time now, Textor has been looking to sell his share of Palace, and Johnson was seen as one of the leading candidates to do so. Johnson served as the U.S. ambassador to the U.K. in 2018, and he failed to make a bid to buy Chelsea after the previous owner was sanctioned by the U.K. government.

It looks like Johnson could have more on his plate, and the hope for him is that the team will be successful under him. Johnson will also have some big expectations for the Jets this upcoming season, as they have a new coaching staff, and they also have a new quarterback in Justin Fields.