Group that owns Burnley in England also taking over Spanish club Espanyol
BARCELONA, Spain (AP) — English-based group Velocity Sport Limited and its American shareholders are taking over Spanish club Espanyol.
The club said Monday that its current owners, Chinese group Rastar reached an agreement with VSL to join the holding company and 'participate in a strategic alliance that will position RCD Espanyol at the same level" as Premier League club Burnley, which is also part of the group.
'With this deal, Espanyol and the English club will be part of this investment group, which expands its interests by having a club in La Liga and another in the Premier League, although each will remain independent,' Espanyol said in a statement.
'This business integration formula allows for the coexistence of two historic clubs that will operate independently, although they will be supported by the same financial group,' Espanyol said.
Espanyol said the agreement is 'pending officialization and completion until all administrative procedures are formalised.'
The club said Rastar 'is not disassociating itself from Espanyol, but rather its shares will become part of this new investment vehicle that will have stakes in both clubs.'
Espanyol said that with this "step forward, Rastar underlines a firm conviction that this integration into the VSL group will strengthen both the economic and sporting structure" of the club.
Espanyol, which was twice relegated in the decade or so under Rastar, finished 14th in the league's standings last season. The club's fans had been showing their disappointment with Rastar owner Chen Yansheng for years.
Financial details were not released by the club.
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AP soccer: https://apnews.com/hub/soccer
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