Former Palace Owner John Textor Suffers Setback In Eagle Football Court Case

The erstwhile Crystal Palace proprietor John Textor has suffered different setback pinch nan UK commercialized tribunal ruling he has a lawsuit to reply successful a $97m (£72m) declare from an investor successful his multi-club group, Eagle Football.

The conflict stems from Iconic Sport’s $75m acquisition 3 years agone of a 15.7% liking successful Eagle, which holds mostly stakes successful Lyon, Botafogo of Brazil and nan rebranded Belgian nine RWD Brussels (formerly RWD Molenbeek). Eagle was besides nan biggest shareholder astatine Palace until July, erstwhile Textor sold his 43% liking to erstwhile US ambassador Woody Johnson.

Iconic brought nan ineligible action against Textor successful July, alleging he had grounded to honour a statement to bargain backmost their $75m liking if Eagle was not floated connected nan banal exchange, positive 11% successful yearly interest.

Textor had countersued Iconic successful nan United States successful July alleging he was duped, but nan Florida territory tribunal dismissed that mobility this week, ruling nan lawsuit should beryllium heard successful nan UK.

In his defence, Textor claimed Iconic grounded to manus complete nan paperwork required to complete nan deal, astir notably a banal transportation shape and stock certificate, and based on that nan responsibility to bargain them retired was ne'er triggered.

In a judgement published by nan commercialized court, Judge Pelling KC ruled successful favour of Iconic connected a preliminary issue.

A spokesperson for Iconic Sports said: “Today’s determination from nan UK Commercial Court confirms unequivocally that John Textor knowingly violated contractual commitments and owes Iconic Sports astir $97m excluding ineligible costs. Iconic intends to retrieve nan costs that are rightfully owed, and will prosecute each options, successful immoderate jurisdiction, to do so.”

Textor confirmed his volition to appeal. “While this is simply a preliminary hearing, I americium disappointed pinch nan determination not to extremity this suit astatine nan outset. I intend to appeal.”

Textor has endured a difficult clip since watching Palace triumph nan FA Cup astatine Wembley successful May, nan last crippled of his eventful four-year ownership. In summation to trading his Palace liking he resigned from nan Lyon committee successful June aft they were relegated to Ligue 2 for breaching financial rules, though Eagle remains nan club’s biggest shareholders and nan nine has since been reinstated successful nan apical flight.

Since leaving Palace Textor has had talks pinch Sheffield Wednesday proprietor Dejphon Chansiri astir buying him retired astatine Hillsborough, and has publically confirmed his interest, but has yet to meet nan owner’s asking price.

During nan commercialized tribunal case, Iconic questioned whether Textor has nan money to settee his alleged debt and his root of backing for nan projected Wednesday takeover is unclear. A erstwhile effort to bargain Everton past twelvemonth grounded to materialise contempt entering exclusive negotiations pinch nan past proprietor Farhad Moshiri.