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Rastar Group CEO becomes main shareholder of Spain's RCD Espanyol

Xinhua, January 21, 2016 Adjust font size:

Rastar Group CEO Chen Yansheng has become the main shareholder of Spain's football club Espanyol, both the RCD Espanyol and Rastar Group reported on Wednesday.

Rastar Group reported that it bought a 54 percent stake in the football team and has initially invested more than 50 million euros (54.53 million U.S. dollars).

The company said it believes in the RCD Espanyol's potential because of its experience, history and "important social mass."

It aims at strengthening its financial structure first in order to promote its sports and social aspects afterwards, as according to the company once the football club reaches economic stability, Rastar Group will propose a strategic plan to promote the club at a global level and boost its sport and social aspects.

RCD Espanyol said that on Wednesday afternoon there would be a special meeting of the club's administrative board and afterwards, its president, Joan Collet, would inform about the decisions taken at the meeting.

Chen Yansheng is now the main shareholder of the football team after on Tuesday he and members of Espanyol finished negotiating the details of the purchase.

In an interview with Xinhua in early November last year, Chen Yansheng had showed his interest in investing in the sports market and said they had chosen Espanyol because other football teams in Spain had already Asian investors and Espanyol was looking for collaborators.

Chen Yansheng had praised football training in Spain and said he had in mind a plan to open football schools in China, expressing hope that "thanks to this collaboration this experience and the club's system can help Chinese players." Enditem