Alan Pace – through investment arm Velocity Sport Limited – has agreed a takeover of Spanish side Espanyol, with Burnley becoming the latest side to join the multi-club model.
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In an official statement, Espanyol has now confirmed the change in ownership has been all but signed off.
“The RASTAR Group, the majority shareholders of RCD Espanyol, have reached an agreement in the past few hours with Velocity Sport Limited (VSL), an English-based group which also has American shareholders,” the club revealed.
"In this agreement, VSL will become shareholders in this holding company and participate in a strategic alliance that will position RCD Espanyol at the same level as Burnley FC, the only club in this group up until now.
“With this deal, RC Espanyol and the English club will be part of this investment group, which expands its interests by having a club in La Liga and another in the Premier League – although each will remain independent.
“This business integration formula allows for the co-existence of two historic clubs that will operate independently, although they will be supported by the same financial group. Despite the agreement reached, this process is still pending officialisation and completion until all administrative procedures are formalised.
Espanyol play their football in La Liga, the top tier of the Spanish pyramid (Photo by Alex Caparros/Getty Images)placeholder image
Espanyol play their football in La Liga, the top tier of the Spanish pyramid (Photo by Alex Caparros/Getty Images)
“RASTAR is not disassociating itself from RCD Espanyol, but rather its shares will become part of this new investment vehicle that will have stakes in both clubs.
“Likewise, with this managerial step forward, RASTAR underlines a firm conviction that this integration into the VSL group will strengthen both the economic and sporting structure of RCD Espanyol.”
Espanyol currently play their football in La Liga, the top tier of Spanish football, finishing 14th in the table last season – avoiding relegation after beating Real Valladolid on the final day of the campaign.
They’re currently owned by Chen Yansheng and Chinese company RASTAR Group.
Pace, through ALK Capital, completed a takeover of Burnley in December 2020, acquiring an 84 per cent controlling stake.
Under his ownership, the Clarets have been relegated from the Premier League twice but have bounced back from the Championship at the first attempt on both occasions.
The Clarets will line up back in the top flight next season after Scott Parker guided them to automatic promotion with 100 points to their name.
ALK already have a ‘strategic partnership’ with Scottish side Dundee, while they previously explored an investment in Belgian club KV Kortrijk.
Completion of the deal will see Burnley become the latest Premier League side to pursue a multi-club model and invest in Spain, following the likes of Manchester City (Girona), Aston Villa (Real Union) and Brentford (Merida AD).
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