New York Jets owner Woody Johnson has signed a “legally binding contract” to buy John Textor’s 43% stake in Crystal Palace in a deal believed to be worth close to £190m.

Palace confirmed the news in a statement on Monday, but it has yet to be announced whether it boosts the club’s fight to be cleared to play in next season’s Europa League.

Palace said the deal 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,” the south London club added.

“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.”

Eagle Football Holdings – the multi-club company owned by Textor – bought a stake in Palace in 2021 for around £90m.

Johnson, like any such major investor, will have to pass the Premier League’s owners’ and directors’ test.

It is understood that the American businessman indicated he can transfer the funds quickly.

This is believed to have been a crucial factor in why his offer was favoured ahead of two other interested parties, given the predicament in which Palace find themselves with European football’s governing body Uefa regarding their 2025-26 Europa League entry.

Palace could lose their spot in Europe, earned by winning last season’s FA Cup, on the basis of Textor’s perceived involvement at Selhurst Park.

Uefa has been considering whether Palace breach its rules about multiple teams under one multi-club ownership structure competing in the same European competition.

This is because Textor has a stake in French club Lyon, who also qualified for the Europa League.