In November 2015, when it emerged that a Chinese company called Rastar Group and chaired by Chen Yansheng would buy the shares from Dani Sánchez Llibre, Ramon Condal and the top shareholders of Espanyol, the former presidents themselves went to the headquarters of the Higher Sports Council (CSD) to request authorization from the State for the operation. A mandatory procedure in all operations involving a change of ownership in which foreign capital is involved.
The CSD must endorse the operation and give the green light before it comes to fruition. As the CSD itself explains on its website, “any individual or legal entity that intends to acquire shares of a Sports Public Limited Company (SAD) or securities that may directly or indirectly entitle them to their subscription or acquisition in such a way that, together with those that possess, happens to hold a share in the total voting rights of the company equal to or greater than 25%, must obtain prior authorization from the Higher Sports Council“.
For now, They have no record of any operation in reference to Espanyol in the highest sports body of the government, so the sale of the entity continues in the intermediate phase. Since November there have been negotiations with the US business group, in which different investors participate, but an agreement has not been reached, although there are voices that point to an already sealed operation.
The approval of the CSD depends on many factors, but it must especially verify that the foreign investor has no other interests incompatible with the purchase of the entity. Until January 2016, the change of powers in the blue and white entity, which fell into the hands of Chen, was not made official. On the other hand, in the purchase of Valencia by Peter Lim everything accelerated in a week. When the operation is closed, it will be when the State takes over, a step that, for the moment, has not yet been taken.