Rastar buys stake in Espanyol
Print Edition
A Chinese model-car maker has agreed to buy a stake in debt-laden La Liga side Espanyol and will end up owning more than 80 percent of the Barcelona club, the company said yesterday.
Rastar Group struck a deal with two of the club’s key shareholders to acquire between 45.1 and 56 percent of Espanyol at 78 euros (US$85.90) per share, it said in a statement.
Rastar will inject up to 45 million euros into Espanyol after the acquisition, taking the total cost to around 64 million euros, it added.
Rastar board secretary executive Yang Nong said yesterday that the cash injection will take the form of a new share issue by Espanyol, and the deal will ultimately ensure the company owning “more than 80 percent” of the club.
According to Spanish newspaper El Pais, most of the investment is set to help clear debts of the financially stricken club, which is perennially overshadowed by city rivals and European champions FC Barcelona.
It the latest example of the rising influence of the Asian market in Spanish football.
Earlier this year, China’s Wanda Group bought a 20 percent stake in 2014 La Liga champions Atletico Madrid.
Singaporean businessman Peter Lim is the major shareholder in Valencia.
Rastar is based in Shantou in Guangdong Province, and its statement was made to the Shenzhen Stock Exchange, where it is listed.
As well as model cars, the firm also makes car seats and toys, and is an Internet game developer.
Under the deal, Rastar will buy a further 5 percent of the club within four years at the same terms.
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