New York Jets co-owner Woody Johnson is purchasing a 43 percent stake in Crystal Palace FC, the Premier League club confirmed Monday.

Johnson signed a legally binding contract to purchase American businessman John Textor’s holding in the club, with multiple outlets reporting the value of the deal at $254 million.

“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,” Crystal Palace added in a statement.

The South London-based Crystal Palace is controlled by chairman Steve Parish and American investors Josh Harris and David Blitzer.

The sale could clear the way for Crystal Palace, the 2024-25 FA Cup champions, to compete in next season’s UEFA Europa League.

The club has not yet been cleared because Textor’s Eagle Football Holdings Group also has a controlling interest in the French side Lyon. There are UEFA rules that prevent two teams with the same ownership from competing in the same event.

Johnson, 78, purchased the Jets in 2000 and served as the U.S. ambassador to the United Kingdom from 2017-21 during President Donald Trump’s first term in office. He made a failed attempt to purchase the Premier League club Chelsea in 2022.

–Field Level Media