Crystal Palace have confirmed a deal which sees American tycoons David Blitzer and Josh Harris take a stake in the Premier League club.
The duo have been in talks with Palace for over a year and now join chairman Steve Parish in control at Selhurst Park after the deal was announced on Friday.
Blitzer and Harris have a history of sports investment and currently co-own the NBA’s Philadelphia 76ers and the New Jersey Devils in the NHL.
“The deal will see chairman Steve Parish, Josh Harris and David Blitzer take control of the club in a general partnership structure,” the statement read.
“They will be joined by a number of other investors in a limited partnership. All shareholders have agreed an initial 50 million pound injection of capital for the development of the stadium, with more to follow.
“This will give fans the first-class facilities they deserve.”
Blitzer and Harris said they were proud to become part of a club with a “storied legacy” and a “bright future”.
“We couldn’t be more excited to be joining the Crystal Palace family. We were drawn to the club’s rich history, exciting brand of football, strong leadership and, above all, its passionate fans,” they said.
“We’ve had the great pleasure of getting to know Steve and have the utmost respect for him and his partners, Stephen, Jeremy and Martin.
“We look forward to supporting Steve in his role as the operating co-owner and leader of the club. Crystal Palace has a storied legacy, a bright future and we’re proud to become a part of it”.
Palace sit sixth in the Premier League table after 16 games, with their next test coming away to Stoke City on Saturday.