Crystal Palace are edging ever closer to a cash windfall after an investment agreement between Steve Parish and Joshua Harris and David Blitzer was agreed in principle.

Parish will retain day to day control at Selhurst Park, and hold equal shareholder terms as his US counterparts.

A significant part of the investment total, which is yet to be announced, will go towards redeveloping Selhurst Park.

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The other members of CPFC2010 – Steve Browett, Martin Long and Jeremy Hosking – will stay on at Palace, although there will be a reduction in their shareholding.

It is thought that Blitzer, who co-owns US hockey side New Jersey Devils and the Philadelphia 76ers of the National Basketball League with Harris, who is rumoured to be worth around £4bn, are keen on a joint local/US ownership model.

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