Transfer of powers in Spain's RCD Espanyol after Chen Yansheng is main shareholder

The RCD Espanyol Board of Directors said in an official statement on Wednesday that they "provided the transfer of powers to the new capital majority at top executive level in the Club".

Rastar Group had reported earlier on Wednesday that it bought a 54 percent stake in the football team and had initially invested 50 million euros. RCD Espanyol Board of Directors confirmed the "acquisition of the lion's share" made public on Wednesday.

"By means of cooperation, members of this Board of Directors resign in their duties and will be replaced by newly designed members", the Board said in the statement, highlighting that it was privilege and an honor 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".

The Board of Directors held a special meeting on Wednesday and released the official statement afterwards informing about the decisions taken.

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 had told Xinhua 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 a Spanish football team. Q-Bao sponsors both Rayo Vallecano and Real Sociedad, while Wanda Group invested in Atletico Madrid. Endit