Soccer club Valencia says group backed by KKR founders buys 42% stake

Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST

HONG KONG, Oct 23 : Spain's Valencia CF said on Friday that an investment group backed by KKR co-founders George Roberts and Henry Kravis would buy a 42 per cent stake in the soccer club in a deal which gives it an enterprise value of €1.25 billion ($1.4 billion).

Pitchwise Holdings, a consortium of private family offices and long-term institutional investors led by sports executives Ann Rodriguez and Corey Woolfolk, will buy shares from Valencia's majority owner Meriton Holdings, Valencia said.

They will also provide €100 million of fresh capital for direct investment in the club, Valencia said in a statement, adding that the deal is subject to usual closing conditions, including regulatory approvals.

Meriton will retain a majority shareholding in Valencia, while Kiat Lim will remain as president. Rodriguez and Woolfolk will join Lim in a new ownership group, Valencia said.

($1 = 0.8937 euros)

Newsletter

Recommended Read

Subscribe to CNA's Recommended Read

A single handpicked story that we think you shouldn't miss. Just one a day.

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Subscribe here

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Download here

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Join here