A new era is on the horizon for a beloved football club as a Texas-based investment firm has agreed to acquire a majority stake in the team. The company, which has a diverse portfolio of investments in industries such as automotive, entertainment, and hospitality, also owns a prominent Italian football club.
The deal, announced on Monday, would see the current owner’s 94.1% controlling stake change hands, potentially bringing an end to a period of uncertainty at the club. The British-Iranian businessman, who initially purchased a 49.9% stake in 2016, had been seeking to sell his shares for some time.
A previous agreement with a Miami-based investment fund fell through last year due to delays in meeting the necessary conditions outlined by the league. However, the Texas-based firm has now reached an agreement in principle to acquire the stake, pending approval from English authorities.
“We are thrilled to have the opportunity to become the new stewards of this iconic football club,” a spokesperson for the investment firm said. “Our focus is on securing the necessary approvals to complete the transaction and providing stability to the club. We look forward to sharing our vision for the team’s future, including the completion of the new stadium project.”
The club has faced significant challenges in recent times, including points deductions for breaching league rules and a struggle to avoid relegation last season. Currently, the team sits second-bottom of the table with just one point from five games. The new ownership group’s vision and investment could be just what the team needs to turn its fortunes around.
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