RCD Espanyol football team bought by investor Velocity Sport Limited

The RCD Espanyol football team has been bought by the UK investment fund, with US ties, Velocity Sport Limited, as the Cornellà-El Prat-based club announced on Monday in a press statement.

Although the price of the operation has not been made public, some Spanish media quote it at €130 million to take over 99.66% of the Catalan football club.

The team's statement reads that the Chinese RASTAR group, the current owner of the club, has reached a deal to "become a shareholder of the holding and to take part in a strategic alliance that will place RCD Espanyol at the same level as [UK team] Burnley FC, the only team of the [investing] group until now."

With the deal, the 'blanc-i-blau' team will, as well as the UK team, be part of the same investing group but will be managed independently, despite receiving the funding from the same financing group.

The deal is important for Velocity Sport Limited as it will be able to have "one team competing at the highest category of Spain's LaLiga, and another one in the UK's Premier."

The Catalan team reports that the owner of the club, RASTAR, will continue to be linked to RCD Espanyol as it will be part of the VSL group. Spanish media reports that RASTAR has acquired 16.45% of VSL valued at €65 million.

Reports by the Spanish newspaper AS, state that VSL has the opportunity to rebuy these shares for €25 million, with a 5% annual interest, meaning that the cost of buying the RCD Espanyol could rise up to €157.5 million.

The team's statement reads, "The integration into the VSL group will allow us to strengthen the financial and sporting structure of the RCD Espanyol. "

Early in July, there were reports of the sale for almost €200 million to the investment fund owned by Alan Pace.

Pace's group will now acquire the team from its current owner, Chinese businessman Chen Yansheng, who has owned the Barcelona team for the past nine years.