Premier League team Crystal Palace is looking to raise £45 million ($56.9 million) to fund the redevelopment of its stadium in southeast London, according to people familiar with the situation.

Chairman Steve Parish is hoping to raise funds from Palace’s other major shareholders, which include Eagle chairman John Textor, and US private equity investors Josh Harris and David Blitzer.

The proposed new main stand will raise capacity from 26,000 to more than 34,000, according to the club’s website, boost corporate hospitality and provide opportunities to hire the venue outside match days. It will replace the club’s current main stand, which was built in 1924.

A spokesperson for Crystal Palace declined to comment.

The club hopes to start work on the project in the summer, the cost of which is likely to exceed £150 million, one of the people said. Costs have increased since it was first planned, but Parish has said it will provide an additional £20 million to £30 million each year in revenues. The club’s last filed set of accounts for the year ending June 2022 shows revenue of £160 million and a loss of £24.2 million before tax.

Crystal Palace is currently 13th position in the Premier League.

Textor, who owns in excess of 40% of the shares in Crystal Palace, is the founder of Eagle Football LLC, an investment vehicle. He bought a stake in Crystal Palace in 2021. A proponent of multi-club ownership, his football investments include the French team Olympique Lyonnais, the Belgian side RWD Molenbeek and Brazil’s Botafogo de Futebol e Regatas.

A company controlled by Harris and others, including Blitzer, holds roughly another 40% of Crystal Palace, according to accounts filed at Companies House. Blitzer has shareholdings in a number of clubs including Waasland-Beveren in Belgium and FC Augsburg in Germany.

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