Burnley owner Alan Pace is finalising a deal to buy Espanyol in a €200m move through Velocity Sports Partners.
That’s according to Marca, who report that the Spanish club are about to chang hands as the Burnley owner is finalising his acquisition.
According to the newspapers information, Pace is securing a majority stake in Espanyol for a sum that could ultimately reach €200m.
The operation, which they say is one of the most ambitious in Spanish football in recent years, will see an almost total change in the shareholdings at the club.
The Burnley owner has been working on the acquisition for more than three months and his team have now completed the due dilligence stage. They are preparing to take over 99% of the club.
The initial investment will be €180m, but a series of incentives and sports objectives could see that rise to €200m. VSP will be in Barcelona next week to sign the contracts and start their ownership formally.
The deal has involved more than 20 professionals, including VSP employees, external auditors lawyers and sports consultants. Talks have taken place exclusively between VSP and Espanyol’s owners without including any club staff members.
Now a deal is done, and Pace will be adding the Spanish club to his portfolio alongside Burnley in a week’s time.
