US billionaire set to face Chelsea after losing £2.5bn battle with Todd Boehly

American billionaire Woody Johnson looks set to get his hands on a London Premier League club after all as he edges closer to a deal to acquire John Textor’s stake in Crystal Palace.

Johnson, 78, the owner of the New York Jets NFL team, has reportedly clinched a £190 million deal to acquire Textor's 4 per centin Palace, a move that is expected to see UEFA give the South London side the green light to compete in the Europa League next season.

The move comes after question marks were raised given Textor's ownership of other clubs in European competition, including Olympique Lyonnais.

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US President Donald Trump's former ambassador for the UK during his first term in the Oval Office, Johnson had been one of the frontrunners to take over at Chelsea in 2022 when the Russian military invasion of Ukraine saw former Blues owner Roman Abramovich forced into a sale.

After a fiercely competitive process to acquire the Stamford Bridge club, it was the bid led by Todd Boehly and Clearlake Capital that won through with Johnson forced to look elsewhere.

"We would like to thank all of the bidders for their engagement, effort and participation in this process," Chelsea said in a statement after the takeover was confirmed.

The group led by Todd Boehly and Clearlake Capital rose above the other groups through the strength of the partnership between the group’s component parts, which includes Mark Walter, co-founder and CEO of Guggenheim Capital; and Hansjörg Wyss, founder of the Wyss Foundation; Todd and Mark’s participation in the ownership of several sports franchises with sustained winning traditions, including the Los Angeles Dodgers, the Los Angeles Lakers, and the Los Angeles Sparks; a belief by the board that this group could help the club resolve certain current challenges and could assist in creating new opportunities, and help the club reach its long-term strategic objectives."

The great grandson of the founder of the Johnson & Johnson pharmaceutical company, Johnson has experience of team ownership through his stewardship of the New York Jets NFL team he acquired back in 2000.

Johnson, whose personal fortune stands at around $3.4bn, has not brought a winning culture to the Jets.

They haven't won a Super Bowl since 1968 and haven't made the play-offs for the last 15 years.

Johnson had also been linked with interest in a potential move for Liverpool during the initial period when Fenway Sports Group had kicked open the door to a sale.

They sought a full valuation for the team before settling on selling a small slice of the club to New York-based investment firm Dynasty Equity.