Chen Yansheng, President of Chinese model car maker, the Rastar Group, is reportedly planning to make a further €39 million investment in Espanyol. This means that the Chinese billionaire will increase his stake in the La Liga club from 54% to 90%.

According to a report by AS.com, if the investment is completed, the club’s capital will reach €150 million. This is set to become a new record, not only for Espanyol, but also for the Spanish football market. In other words, Espanyol will enter the richest-ever era in its 116-year history.

On June 30, an Extraordinary General Meeting(EGM) will be held at the Auditori de Cornellà. This meeting aims to approve the capital increase as well as the appointment of a President and Board of Directors.

The Rastar Group announced on January 20th its official takeover of Espanyol. The deal made the Chinese group the largest shareholder in the Spanish club. According to recent reports, the company is also one of the rumoured investors eyeing the UK-based Stellar Group, a world leading soccer agency.

Source: AS.com

Proofread by Sean O Diobhilin