Spanish Club Racing Santander's Top Shareholder Sells His Stake For €1

Spanish second division side Racing Santander majority shareholder Jacobo Montalvo "has decided to sell all his shares in the club for the symbolic price of €1 with the goal of avoiding relegation" to the Spanish third tier, according to the EP. The club "explained that late Tuesday, Montalvo's Dumviro Ventures completed the sale to create 'the best scenario possible'" for the team. The sale "arrived hours after Spanish tax authorities declined to delay Racing's deadline" -- which is Thursday -- on the €9M ($12M) it owes. The Spanish tax authorities on Tuesday "stated that if the club did not complete its payment by Thursday" at 5pm local time, it would not be able to participate in the second division this season (EP, 7/29).