Textor owns Lyon, Belgian outfit RWD Molenbeek and Botafogo alongside the Eagles and was watching Botafogo against Palmeiras.
Despite being 3-0 up, Botafogo ended up losing the match to Palmeiras 4-3, but are still top of the Brazilian Serie A with eight games to go.
The winner from Palmeiras came in the ninth minute of stoppage time, with the pendulum of the game appearing to swing when Botafogo's Adryelson was sent off on 76 minutes when the home side were 3-1 up.
And Textor - who owns 40 per cent of Palace - flipped live on television.
Speaking on Brazilian TV, he said: "The whole world saw that is not a red card, he got the ball first.
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"I'm not sure if it is even a foul. He [Botafogo's Adryelson] got a red card, it changed the game. This is corruption, this is a theft.
"Please fine me Ednaldo (Rodrigues - Brazilian Football Confederation president), but you need to resign tomorrow morning. That's what needs to happen.
"This championship is a joke. Nobody deserves this, Palmeiras don't want to win this way, we don't want to lose this way."
He added: "Gentleman, you played a good game. It's not your fault but this is f****** corruption.
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"This has to change. Ednaldo you have to resign for the good of the game. It has to be over now.
"This is theft. Fine me, you can red card me, it's my stadium, I'll still be here."
Textor owns 40 per cent of Crystal Palace having bought the shares in the summer of 2021.
A rant like this on Sky Sports on the Selhurst Park turf would send shockwaves across the Premier League.