Premier League outfit Burnley’s ownership group, Velocity Sport Limited, has sealed a deal to acquire Spanish club Espanyol, marking its expansion into La Liga.
In a statement issued Monday, Espanyol confirmed, “The Rastar Group, the majority shareholders of RCD Espanyol, have reached an agreement in the past few hours with Velocity Sport Limited, an English-based group which also has American shareholders.”
The arrangement does not signify a complete exit for the Chinese-owned Rastar Group. Instead, the statement clarified, “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.”
Following the deal, Espanyol will become the second football club under the VSL umbrella, joining Burnley.
However, both sides stressed the two clubs will continue to function separately.
“This business integration formula allows for the coexistence of two historic clubs that will operate independently, although they will be supported by the same financial group,” the club added.
Espanyol supporters have grown increasingly frustrated with Rastar and its chairman Chen Yansheng since their acquisition in 2015, especially after witnessing two relegations from Spain’s top tier during their tenure.
The announcement comes on the heels of another multi-club ownership controversy involving Premier League side Crystal Palace.
Earlier in July, Palace were downgraded from the Europa League to the Conference League due to ownership overlaps with French club Lyon.
American entrepreneur, John Textor, who holds a majority stake in Lyon, also owns part of Crystal Palace. The London club is expected to appeal UEFA’s decision.
