Chen to complete Espanyol takeover

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