New York Jets owner Woody Johnson has agreed to a £190 million ($254 million) deal to purchase a 43% stake in Premier League club Crystal Palace from American businessman John Textor, as announced by the club on Monday.

The agreement requires approval from the Premier League, along with Johnson—a former United States ambassador to the United Kingdom—passing the league's Owners and Directors' Test, also known as the Fit and Proper Persons Test.

"While completion awaits approval from the Premier League and Women's Super League, we anticipate no issues and look forward to welcoming Woody as a partner and director of the club," Crystal Palace stated.

"We would like to express our gratitude to John Textor for his contributions over the past four years and wish him success in his future endeavors."

If Johnson's agreement with Textor gains Premier League approval, it would enable Crystal Palace, the 2024-25 FA Cup winners, to participate in next season's UEFA Europa League and resolve potential violations of multiclub ownership rules, given Textor's Eagle Football Holdings Group's controlling stake in French club Lyon.

Crystal Palace is still awaiting clearance to compete in the Europa League due to ongoing discussions between the club and UEFA, according to ESPN.

Although Textor does not handle the day-to-day operations of Crystal Palace, which is managed by chairman Steve Parish and U.S. investors Josh Harris and David Blitzer, UEFA regulations prohibit two teams under the same ownership from competing in the same tournament unless shares in one club are placed into a blind trust.

Textor missed the UEFA deadline of March 1 to place his shares in Crystal Palace or Lyon into such a trust—more than two months before Palace qualified for the Europa League by winning the FA Cup.

However, Textor has been actively seeking to sell his Crystal Palace shares, with Johnson emerging as the primary candidate to acquire them.

At 78 years old, Johnson served as the U.S. ambassador to the U.K. from 2017 to 2021 and previously attempted an unsuccessful bid to purchase Chelsea after its former owner, Russian oligarch Roman Abramovich, faced sanctions from the U.K. government in 2022 due to Russia's invasion of Ukraine.

Johnson has publicly identified as a Chelsea supporter.