Espanyol announce Premier League owners to bankroll new era

Espanyol have announced an agreement for a change of ownership, with Velocity Sport Limited (VSL) to become the majority shareholder at the club. They have completed the purchase of the the majority of the shares, but the Rastar Group, in charge until now, will retain some of the shares.

It is not yet clear what the split will be, nor how much the deal is worth, but Espanyol fans will be delighted that a fresh regime is coming in after an unsuccessful nine years under Chen Yansheng. The Chinese ownership came in with promises of taking Espanyol to the Champions League, and although they did make one appearance in the Europa League, Espanyol have suffered two relegations in the last five years.

New ownership headed by Alan Pace

The new ownership group, VSL, is headed by Alan Pace, who is also the chief of ALK capital, in charge of Premier League side Burnley. Espanyol’s official statement, which notes that Burnley and Espanyol will be given the same level of priority in terms of the hierarchy of their sporting empire, explains that the formal processes and documents must be completed.

It is noted that Espanyol will be part of the same economic group, but will maintain independence from Burnley. Similarly to Yansheng, Pace’s tenure at Turf Moor has seen Burnley be relegated twice, and win promotion twice, albeit Los Pericos should have comparatively more resources in La Liga.

Terms of the deal

According to MD, VSL will take over 99.66% of the shares, and the deal will cost them a €130m, someway short of the previously mentioned figures of around €200m. Pace’s arrival will no doubt bring fresh hope to Cornella, with many regarding Espanyol as untapped potential, given they possess a new stadium and the location of the club. Pericos have been unhappy with Yansheng and his ownership for some time, even protesting outside the Chinese embassy in Barcelona.