Crystal Palace part owner agrees deal to buy Botafogo

Rio de Janeiro, Jan 10, 2022 (AFP) - American technology magnate John Textor, a co-owner of Crystal Palace, has agreed a deal to buy Brazilians Botofogo, the Rio de Janeiro side's president said on Monday.

"We are going to sign a contract with Eagle Holdings," a private investment fund owned by Textor "who will be Botafogo's future boss," said Durcesio Mello in a video published on Twitter.

Textor bought an 18 percent stake in Premier League side Palace in August and had also been trying to negotiate a 25 percent share in Portugal's Benfica.

The 56-year-old was once described by Forbes as "Hollywood's virtual reality guru" and made his name in technology, media and entertainment, particularly with the streaming television service FuboTV.

Brazilian website Globo Esporte said he has purchased 90 percent of the shares in Botafogo, a historic club whose former stars include Garrincha, Jairzinho and Gerson and last year earned promotion back up to the Brazilian top flight.

Twice winners of the Copa Libertadores and Brazilian Serie A, Botafogo have suffered financial troubles in recent years, also twice suffering relegation to Serie B -- although both times they bounced straight back up to the top flight.

"The club wants to see a significant guarantee for several years of payment of player salaries, operational costs and investment, which are the three main factors in success on the field," Textor told Globo on Sunday.

He said he would look to invest more money in talent-spotting.

The agreement between Textor and the club needs to be approved by the club's administrative board and the shareholders, but both are thought to be a formality.

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