The New York Jets owner has bought out John Textor's 43 per cent share in Palace.
Palace announced last night: "Crystal Palace Football Club can confirm that Robert Wood Johnson, 'Woody', an American businessman and co-owner of the New York Jets, has signed a legally binding contract to purchase Eagle Football’s holding in the Club.
"Whilst the completion is pending approval from the Premier League and Women’s Super League, we do not envisage any issues and look forward to welcoming Woody as a partner and director of the club.
"We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future."
The sale by Textor is being seen as the key obstacle that was preventing UEFA from clearing Palace to play in next season's Europa League due to the Americans' ownership of fellow qualifier Lyon.