(Bloomberg) – Cesar Alierta, former CEO of Telefonica SA, is in talks to sell his majority stake in Spanish football club Real Zaragoza SAD.
Seville-based investment firm Odemira Capital is teaming up with US investment firm Prospects Sports Solutions to buy Alierta’s stake in the second division club.
Odemira has signed a memorandum of understanding with the Alierta family, who own 51% of the club, the people said. The process is in the due diligence phase and Odemira expects to close the transaction in January. Prospects Sports Solutions will refinance a portion of the club’s €68 million ($76.9 million) debt as part of the acquisition.
Representatives from the Alierta family, Prospects Sports Solutions and Odemira declined to comment.
Alierta teamed up with other local businessmen to take over his hometown club in 2014 and took a majority stake in 2019. His father was the president of Real Zaragoza in the 1950s. Alierta resigned from the Telefónica chairmanship in 2016.
Real Zaragoza went into administration in 2011 and were relegated to the second division two years later. The club’s most notable result came in 1995, when they won the UEFA Cup Winners’ Cup, beating England’s Arsenal in the final.
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