Summary
Soccer club Valencia says group backed by KKR founders buys 42% stake HONG KONG, Oct 23 : Spain's Valencia CF said on Friday that an investment group …
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)
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Source: CNA
