American John Textor is ready to sell his 43 per cent stake in the club this month.
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Textor is prepared to sell up to help Palace secure their place in next season's Europa League. Textor-owned Lyon have also qualified for the competition, which could see Palace barred due to UEFA's multi-club ownership rules.
Butler and his partners are led by ex-Morgan Stanley exec Bejan Esmaili and former Roc Nation lawyer Wajid Mir, reports the Athletic. Butler is a six-time NBA all-star.
Textor wants £175m to sell up.
Should Palace be thrown out of the Europa League, Nottingham Forest would be promoted from the Conference League to the Europa League while Brighton would take a slot in the Conference League.