China’s Rastar Group said its Hong Kong unit will buy up to 56 percent stake in La Liga club Espanyol as mainland companies continue their investment in European football teams.
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Rastar will inject up to €45 million into Espanyol after the acquisition, taking the total cost to around €64 million, it added.
Explaining the deal at a press conference, Sanchez Llibre said Espanyol had received “many offers” over the past 12 months but the offer from Raster Group was the best.
Espanyol are now 10th in Spain’s top soccer division, after falling a 3-0 defeat to Rayo Vallecano at the weekend.
The deal is the latest example of the rising influence of the Asian market in Spanish football.
The Chinese property conglomerate Dalian Wanda Group Co bought 20% of Spanish club Atlético Madrid for €45m earlier this year.
Singaporean businessman Peter Lim is also the major shareholder in Valencia.
Rastar is based in Shantou in China’s southern province of Guangdong, and its statement was made to the Shenzhen stock exchange, where it is listed.
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Former club president Daniel Sanchez Llibre says he and other shareholders made a decision to sell their stakes in the club to Rastar Group. “We won’t be losing money because we have to pay debts and interest, instead we can invest in the club”, he said.
