As of the news today, Crystal Palace has been demoted from the Europa League to the Conference. We still remember how the qualified by beating Manchester City in the FA cup final to get the Europa League ticket. But the twist here is that, they cannot since Lyon too will be playing in the same Europa League. John Textor owns shares in both Palace and Lyon, (I think he owns majority shares) the thus bridges UEFA multi club ownership rules Which simply states that Clubs with the same ownership cannot play in the same competition. Crystal Palace might go to court for this, lol.
Didn't John Textor sell his stake in Crystal Palace to Woody Johnson? Yes the sale took place past UEFA deadline but UEFA should have given some leniency. I heard Crystal Palace has appealed to CAS to be allowed to continue participating in the Europa League. However if the outcome is negative Nottingham Forest will benefit as they could replace Palace in the competition.
I don't think he has because the news that came up two days ago still suggests that John Textor has agreed to sell 43% of his stake at the club to fellow America Woody Johnson. This simply means that, he hasn't yet and remains the majority owner of the club and thus Crystal Palace and Lyon can't play in the same competition. Just like you said, if there's no resolution between them and UEFA, then Nottingham Forest stands to benefit from this rule while Palace will be relegated to the Conference league.