Burnley Owners Secure Agreement To Buy La Liga Club Espanyol

‎On Monday, Premier League club Burnley’s owners, Velocity Sport Limited (VSL), agreed to acquire La Liga team Espanyol.

‎”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,” said Spanish club Espanyol in a statement.

‎”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.”

‎Espanyol will become the second team under VSL control after English outfit Burnley, but the clubs “will remain independent”, continued the statement.

‎”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.”

‎Since taking over in 2015, Chinese group Rastar and owner Chen Yansheng have become unpopular with Espanyol fans, with the club experiencing two relegations from La Liga.

‎Earlier in July, Crystal Palace was demoted from the Europa League to the Conference League because of a multi-club ownership issue. This issue also involved the French side Lyon, which had qualified for the Europa League.

‎American businessman, John Textor, is the majority shareholder of Lyon and also holds a stake in Crystal Palace, which is planning to appeal the ruling made by the European football governing body, UEFA.