Chinese group says will own 80 percent of Espanyol

A Chinese model car maker has agreed to buy a stake in debt-laden La Liga side Espanyol and will end up owning more than 80 percent of the Barcelona club, the company said Tuesday. Rastar Group struck a deal with two of the club's key shareholders to acquire between 45.1 and 56 percent of Espanyol at 78 euros ($85.90) per share, it said in a statement. Rastar will inject up to 45 million euros into Espanyol after the acquisition, taking the total cost to around 64 million euros, it added.
Rastar board secretary executive Yang Nong told AFP Tuesday that the cash injection will take the form of a new share issue by Espanyol, and the deal will ultimately leave the company owning "more than 80 percent" of the club.