June 23 (UPI) -- New York Jets owner Woody Johnson has agreed to purchase a stake in Crystal Palace from American businessman John Textor, the English Premier League soccer franchise announced Monday. Johnson, a former U.S. ambassador to Britain from 2017 to 2021, is purchasing a 43% stake from Textor for $254 million, ESPN reported. "Whilst the completion is pending approval from the Premier League and Women's Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club," Crystal Palace said in a statement. "We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future." Media outlets reported earlier this month that Johnson was in talks for the ownership stake in the franchise. Crystal Palace's ownership includes two NFL Commanders owners: Josh Harris and David Blitzer, who also have ownership in NBA's Philadelphia 76ers and NHL's New Jersey Devils. English businessman Steve Parish also is a part-owner of the soccer team. In 2022, Johnson made an unsuccessful attempt to buy the English club Chelsea. The Jets were awarded marketing rights in Britain. Johnson, 78, has owned the Jets since 2020, when he bought the franchise for $635 million. Johnson, the heir to the Johnson & Johnson pharmaceutical company, is worth $3.3 billion, according to Forbes. Crystal Palace won the 2024-25 FA Cup that pits teams in English soccer divisions, and finished 12th in the Premier League. The club plans to play in the Union of European Football Association Europa League. Textor's Eagle Football Holdings Group also owns a controlling stake in French club Lyon, which also qualified for the Europa League. Clubs had until the end of March to change their ownership structures to comply with Europa's multi-club ownership rules, but Palace missed the deadline. Tester, 59, was a Crystal Palace general partner for four years, buying a 40% stake. "We're having extreme success in Brazil and early on in France, [and] to not have that same level of integration with our partner in the UK ... it just becomes more and more clear that that level of collaboration we want and need works," Tester told The Athletic.