China's Rastar Group announced on Wednesday that it has officially completed its takeover of La Liga side Espanyol in a deal that makes the Chinese group the largest shareholder in the Spanish club.

"We positively value the confirmation of the majority share acquisition of the club by the Rastar Group and its president Chen Yansheng," the club said in statement.

Under the deal, the model car makers, the Rastar Group, owned by Chinese tycoon Chen Yansheng, will invest over 50 million euros for a 54% stake. 

When the deal was first struck in November, Rastar announced that they would buy between 45.1 and 56% of the club at ‎€78 ($85.90) per share.

Espanyol currently lie 14th in La Liga, just five points above the relegation zone.

The club, which is perennially overshadowed by city rivals and European champions Barcelona, is struggling with debts to the tax authorities and to some suppliers.

"The main problem that the club faces is financial, we have known that since the beginning," Yansheng told Barcelona sports daily, Sport.

"People don't need to worry, we are completely confident that we will be able to solve this problem and be able to grow together with the club."

According to Sport, Rastar will continue to buy shares from the remaining shareholders who wish to sell.

Source: yahoo

Proofread by John Devlin