New York Jets owner Woody Johnson has agreed a £190m deal ($254m) to buy a 43% stake in Premier League team Crystal Palace, a source has told ESPN.

John Textor has agreed to sell his stake in Crystal Palace to New York Jets owner Woody Johnson in a move that could ensure the club can compete in the Europa League. A deal believed to be worth more than €200million (£171m) will see Johnson purchase the 43 per cent stake in Palace that currently belongs to Textor’s Eagle Football Holdings.

Deal values Premier League club at £550mn and could enable it to take part in European competition next season