Valencian Financial Institute (IVF) Dir General Manuel Illueca announced on Friday that Qatari group Skyline Int'l received a credit of €14M ($15.5M) that gives it a 54.73% stake in Spanish second division side Elche, according to M.H. Marcos of AS. The "agreement was stamped with a series of conditions, and if they are not met, the stake in the club would be returned to the IVF to restart the sale process." Former La Liga side Málaga VP Moayad Shatat is expected to be the CEO and president of the club's new administrative council "once the current council ceases its opposition to the arrival of foreign capital." Skyline Int'l, founded in '12 by David Stuart Phillips and based in Qatar, decided to invest in the club "through a precise plan for the acquisition," as it believes Elche possesses "all the requirements that the company was looking for." The Qatari group also called the city of Elche "alive and happy," where there is "active and loyal commitment" to the club, as evidenced by the fact it had more than 25,000 season-ticket holders while competing in La Liga (AS, 8/5).
