Crystal Palace said on Wednesday that U.S. businessman John Textor has joined its board of directors and has also become the club's newest investor.
The Guardian newspaper reported that Textor's investment of 87.5 million pounds (US$121.34 million) is believed to be a substantial percentage of the club, close to Chairman Steve Parish's 18per cent controlling stake.
Textor, the founder and chief executive of virtual entertainment company Facebank, joins Parish and fellow joint-owners Josh Harris and David Blitzer as the fourth director on the club's board.
"We have been looking for the right investment for the right investor for a while, both to progress the club and deal with the significant financial challenges of the past 18 months due to COVID," Parish said in a statement on Wednesday.
Crystal Palace face Chelsea on Saturday in Patrick Vieira's first match since succeeding Roy Hodgson as manager, with the former France international having added defenders Marc Guehi and Joachim Andersen for more than a combined 35 million pounds.
(US$1 = 0.7211 pounds)
(Reporting by Kanishka Singh in Bengaluru; Editing by Toby Davis)