SPORTACCORD 2024 INSIGHTS: Sport’s Perfect Storm
23 May 2024 14:34
Chen Yansheng, the mastermind behind Chinese manufacturing business, the Rastar Group, will officially become the biggest shareholder of debt-laden La Liga side Espanyol during the week.
According to a news report, the Chinese businessman arrived in Barcelona last Friday to close the deal and he will buy 56.2 percent of the club’s shares.
At the same time, he will also assume responsibility for the syndicated loans, which was the main reason behind ex-presidents Sanchez Llibre and Condal’s decision to sell.
Mr. Chen will then attend the La Liga game between Espanyol and Villarreal at Cornella-El Prat next weekend. By that point, everything should be finalized and he will be able to watch the game as the club’s largest shareholder.
Once he has signed up for the shares and he has assumed the club’s financial commitments and debt - the agreement has already been struck - the deal will be formally sealed and Chen Yansheng will then be, at last, the decision maker at the club.
The next step, which could also happen this coming week, will be for the current Board of Directors to call an Extraordinary General Meeting of Shareholders. That meeting is likely to take place in early March and it is then that they will reflect on the new shareholder structure at the Barcelona-based club.
Source: Sport English
Proofread by John Devlin
Related coverage
Wanda to build $9.45 billion tourism & sports complex in Shandong
29 Aug 2016
Ali Sports to be the principal platform for Chinese sports
14 Jan 2016
Rastar Group strengthens its presence in Espanyol
05 Jan 2016
Wanda frontrunner for Infront Media deal
22 Dec 2014
08 Apr 2016
More from Yutang Sports
SportAccord’s conversation with FEI President Ingmar De Vos: Equestrian sport’s road to Versailles
22 Apr 2024
Interview with Yiannis Exarchos: to narrate Olympic story in new ways and promote positive values
01 Jul 2024
SPORTACCORD 2024 INSIGHTS: Paris 2024 here we come!
02 Jul 2024
SPORTACCORD 2024 INSIGHTS: Harnessing the Soft Power of Sport
13 May 2024
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025
Yutang Sports
loading...