Crystal Palace have announced that they have secured an investment deal with American billionaires Josh Harris and David Blitzer.

The pair will make an "initial" cash injection of £50m into the South London side, joining chairman Steve Parish at the head of the club "in a general partnership structure".

In a statement, Palace said that the funding would be used to improve facilities at Selhurst Park. "All shareholders have agreed an initial £50m injection of capital for the development of the stadium, with more to follow," it read. "This will give fans the first-class facilities they deserve."

Parish said of the deal: "I'm delighted that Josh and David have agreed to make this investment and join me in shaping the future of Crystal Palace.

"I have had the great pleasure of getting to know them both over the past 18 months and I am sure they will be a huge help to me and add an enormous amount of value. I am looking forward to getting started with them and continuing to drive this great football club to ever great heights."

Harris and Blitzer also own NBA side Philadelphia 76ers as well as ice hockey outfit the New Jersey Devils.