BREAKING: Chen sells Espanyol stock to Burnley's parent company

The Perico club has issued an official statement confirming the sale of the club to the Velocity Sport Limited (VSL) group and Rastar completely disassociating itself from Espanyol. 

Bombshell news broke at Espanyol at 2:00 p.m. this Monday. Espanyol is changing ownership, as the current majority shareholder and chairman, Chen Yansghen, has sold the club to Velocity Sport Limited (VSL), a group with an English parent company, but also with American shareholders.

This is the official statement:

The RASTAR Group, the majority shareholder of RCD Espanyol, has recently reached an agreement with the English-based Velocity Sport Limited (VSL) group, which also includes American shareholders, to become a shareholder in this holding company and participate in a strategic alliance that will place RCD Espanyol on the same level as Burnley FC, the only club in this group to date.

In this way, both the blue and white team and the English club will be part of this investment group, although each remains independent, which expands its interests by having a club in the top flight of LaLiga and another in the Premier League.

This business integration formula allows for the coexistence of two models of historic clubs, which will operate independently, although they will be supported by the same economic group. Despite the agreement reached, this process is still pending officialization and completion until all administrative procedures are formalized.

In this way, RASTAR is not disassociating itself from RCD Espanyol, but rather its shares become part of this new investment vehicle that will have stakes in both clubs. Likewise, with this step forward in management, RASTAR confirms its firm conviction that this integration into the VSL group will strengthen both the economic and sporting structure of RCD Espanyol.