Rastar sell Espanyol to Burnley owner

The Rastar Group, Espanyol's majority shareholder under chairman Chen Yansheng, has agreed to join the Velocity Sport Limited holding company, which becomes the club's new owner.

Velocity Sport Limited already had English side Burnley in its portfolio and will now add Espanyol. The Catalan club explained in a statement that the Periquitos will be "on the same level" as the Clarets in this new alliance.

Both Espanyol and Burnley, the statement stressed, will "operate autonomously". The club added that Rastar is "not disengaging from Espanyol" and is confident that this move will strengthen "both the economic and sporting structure".

Businessman Alan Pace led the negotiations with Espanyol to integrate into Velocity Sport Limited, an English-based group with American shareholders. Pace was at the Dani Jarque Sports City facilities on Monday.

Espanyol have reported through their media channels that all parties involved in the operation have "reached" an agreement. However, it is "pending officialisation" pending completion of administrative procedures.

According to club sources speaking to 'EFE', the integration into Velocity Sport Limited will not bring about any changes on the sporting side, for the time being. This move, the Catalan club insisted, is being made to "strengthen" the project.