NBA Phoenix Suns Managing Partner Robert Sarver's bid for La Liga side Levante has "earned approval" and the negotiation process for a sale began on Tuesday without restrictions, according to Ismael Algarra of SUPERDEPORTE. This follows "the go-ahead" from the board of the club's majority shareholder, Fundación Cent Anys del Levante UD, which owns 70% of the shares in Levante. Negotiations will be coordinated by an exec committee whose members will include club President Quico Catalán, adviser Javi Martínez, Fundación Secretary Luis Calero and Fundación President José Manuel Fuertes Vidal. The agreement to "consider the offer" came after a four-hour meeting, and the "yes" was reached by a wide majority (
SUPERDEPORTE, 6/23). In Phoenix, Russ Wiles wrote Sarver is "taking another corner kick" on a European football club. He confirmed that he is leading a "small group of investors interested in purchasing" Valencia-based Levante. Sarver previously made a failed bid to buy Scottish Championship side Rangers for nearly $30M. Without discussing details of the Levante proposal -- which European media sites have pegged at around $60M -- Sarver said that he "enjoys soccer and sees long-term business opportunities in the sport." Sarver's investor group reportedly includes former Suns player Steve Nash and team Vice Chair Andy Kohlberg. Sarver: "I believe the long-term futures of both basketball and soccer are very bright." Sarver, who said he has traveled to Spain on "several occasions recently," said that the "timing is good." The "strong dollar against the euro would make an offer for Levante a bit more affordable." He also indicated the Spanish economy, which "struggled through a severe slump" in which unemployment climbed to 27%, "appears to have turned a corner." Valencia, a Mediterranean seaport, is the country's third-largest city. Sarver's proposal would "include adding capital to improve Levante's stadium and lure talented new players." A recent study by Brand Finance estimates that La Liga side Valencia is worth about $107M, "placing it among the 50 most valuable" global football franchises. Levante did not make the list (
ARIZONA REPUBLIC, 6/21).
