Chinese car-making company completes the takeover of La Liga club Espanyol
The Rastar Group has initially invested 50 million euros in the Catalan club
Chinese carmaker Rastar group completed the takeover of the Spanish football club Espanyol with its board of directors providing "the transfer of powers to the new capital majority at top executive level in the club".
Rastar Group on Wednesday said it bought a 54 percent stake in the club and had initially invested 50 million euros, Xinhua.
The club's directors confirmed the "acquisition of the lion's share" public on Wednesday after holding a special meeting.
"By means of co-operation, members of this Board of Directors resign in their duties and will be replaced by newly designed members", a statement said.
The board said it was a privilege and an honour having represented "the white and blue feeling as well as standing up for the interests of our well over centenary institution".
They expressed their gratitude to club season ticket holders and share holders and whished "the best of success to the new management that from now on will govern the RCD Espanyol destiny".
Rastar Group and his CEO, Chen Yansheng want to strengthen the financial situation of the club and promote the club internationally.
In early November, Chen Yansheng said about his interest in investing in the sports market and had praised football training in Spain.
Rastar Group is the third Chinese company investing in La Liga. Q-Bao sponsors both Rayo Vallecano and Real Sociedad, while Wanda Group invests in Atletico Madrid.