A group of American businessmen, led by Josh Harris and David Blitzer, have agreed a £100m deal to invest in Premier League club Crystal Palace.

The deal sees 70 per cent of Palace shares changing hands - with chairman Steve Parish retaining an equal shareholding alongside Harris and Blitzer.

The Americans will invest a further £50m on expanding and improving Selhurst Park and improving the playing squad.

Crystal Palace co-chairman Steve Parish will remain in charge of the day-to-day running of the club

Crystal Palace have done well so far this season and are in the top six of the Premier League

Alan Pardew has done very well in his time at the club and will be looking to improve

Harris and Blitzer are already owners of the basketball side Philadelphia 76ers and the ice hockey’s New Jersey Devils.

The deal has been in the pipeline for over a year and a half is bigger than previously thought.

The agreement will see Parish maintain an 18 per cent stake-holding. His existing partners Stephen Browett, Jeremy Hosking and Martin Long will also continue as shareholders, while Parish will continue to run the club on a day-to-day basis.

American billionaire Josh Harris (left) is owns a hockey team and a basketball team in the United States

The investment is likely to be used to improve Palace's Selhurst Park ground

Parish is keen to push ahead with a move to redevelop Selhurst Park but needed more money to speed up the process – this deal should see the plans go ahead.