Path becomes clearer for Sergio Ramos set to take control of Sevilla FC
Following a marathon meeting between the implicated parties, another meeting is expected in the coming hours to try to finalize the sale.
Sergio Ramos, his partners, and the current shareholders of Sevilla FC have agreed on the price of the club (just over €400 million, including the debt) and also the payment schedule, which will vary depending on whether the team is in the First or Second Division (LaLiga EA Sports/LaLiga Hypermotion) next season.
Over the last few hours, marathon meetings have been taking place to resolve the most important issue: the payment guarantees.
The Letter of Intent to buy (LOI) which Sergio Ramos and Five Eleven Capital signed last January with the main shareholders expires on May 31st. Therefore, all parties are trying to expedite the process, because after the purchase agreements are signed (a draft of which has already been prepared), several further steps would need to be taken, including obtaining permits from institutions such as the Spanish Sports Council (CSD) and LaLiga.
In Spain, the acquisition of 25% or more of the share capital of a Public Limited Sports Company (SAD) requires prior authorization from the CSD (National Spanish Sports Council). This procedure, according to the law that governs it, “seeks to guarantee the suitability of the investor and the stability of the club.”
In addition to the investment in shares, Ramos and his group will have to carry out a significant capital increase, of between 80 and 100 million euros, to alleviate the entity’s economic problems and also allow for an improvement in the salary cap, which in recent times has dramatically weakened the team, to the point of having it once again fighting to avoid relegation.
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