Spanish Football Club Will Change Ownership In Effort To Increase Capital
Current Spanish second division club Racing Santander Owner Alí Syed has agreed to give up 99.89% of his shares of the club, which will facilitate a change of ownership and allow the organization to launch an increase of capital, according to the EFE. Syed, whose ownership will be reduced to 1%, signed the authorization April 1. This "allows the club to launch the increase of capital on June 14." The move, promoted by the team's council of administration, will help Racing be able to sell 99% of its shares for an amount of €3M ($3.9M), plus an additional €1.5M ($2M) bonus for broadcast rights. Racing President Ángel Lavín has explained that "the announcement will be published on the Official Cantabria Bulletin (BOC) on June 13, 14, and that the sale will begin June 15" (EFE, 5/5).