The Grifols family committed to covering a capital increase of €3.7M ($4.3M) for Spanish Basketball League (ACB) side Joventut de Badalona, according to Robert Álvarez of EL PAÍS. The "club is hoping the move will resolve its urgent economic problems." The investment will be made through Scranton Enterprises, which holds an 8.6% stake in global pharmaceutical brand Grifols. Scranton Enterprises previously made similar moves to relaunch businesses including winery Juvé y Camps and mineral water brand Aigües de Vilajuïga. The capital increase, which was reported by Palco23, "will solve the financial issues that have plagued the club for the last few years." In March, "the team considered ceasing operations." Joventut will now operate with an annual budget of around €5M ($5.8M). The team will hold an extraordinary general assembly on Sept. 13 to confirm the capital increase of €3.7M through the release of 61,425 new shares worth €60 ($69.33) apiece (EL PAÍS, 8/6). PALCO23's Recio & Menchén reported Scranton Enterprises will hold up to a 75% stake in Joventut. The Grifols family has an estimated fortune of €3.8B ($4.4B) (PALCO23, 8/6).
