(Bloomberg) – Cesar Alierta, a former CEO of Telefonica SA, is in talks to sell his majority stake in the Spanish soccer club Real Zaragoza SAD.
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Seville-based investment firm Odemira Capital is partnering with US investment firm Prospects Sports Solutions to buy Alierta’s stake in the second division, according to people familiar with the matter who asked not to be identified in order to discuss private information.
Odemira has signed a letter of intent with the Alierta family who own 51% of the club, people said. The process is in the due diligence phase and Odemira expects to close the deal in January.
Odemira will buy Alierta’s equity in the club, while Prospects Sports Solutions will refinance a portion of the club’s € 68 million ($ 76.9 million) debt.
Representatives of the Alierta family, Prospects Sports Solutions and Odemira declined to comment.
Alierta teamed up with other local business people to take over its homeland club in 2014 and took a majority stake in 2019. His father was President of Real Zaragoza in the 1950s. Alierta stepped down from the Telefonica chair in 2016.
Real Zaragoza went into administration in 2011 and relegated to the second division two years later. The club achieved its most significant result in 1995 when it won the UEFA Cup Winners’ Cup and defeated England’s Arsenal in the final.
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