Mumbai, July 15: English-based group Velocity Sport Limited and its American shareholders are taking over Spanish club Espanyol. The club said Monday that its current owners, Chinese group Rastar reached an agreement with VSL to join the holding company and “participate in a strategic alliance that will position RCD Espanyol at the same level" as Premier League club Burnley, which is also part of the group. Luka Modric Signs With AC Milan After 13 Seasons at Real Madrid.

“With this deal, Espanyol and the English club will be part of this investment group, which expands its interests by having a club in La Liga and another in the Premier League, although each will remain independent. This business integration formula allows for the coexistence of two historic clubs that will operate independently, although they will be supported by the same financial group,” Espanyol said in a statement.

Espanyol said the agreement is “pending officialization and completion until all administrative procedures are formalised.” The club said Rastar “is not disassociating itself from Espanyol, but rather its shares will become part of this new investment vehicle that will have stakes in both clubs.”

Espanyol said that with this "step forward, Rastar underlines a firm conviction that this integration into the VSL group will strengthen both the economic and sporting structure" of the club. Barcelona Sign Young Swedish Winger Roony Bardghji from FC Copenhagen.

Espanyol, which was twice relegated in the decade or so under Rastar, finished 14th in the league's standings last season. The club's fans had been showing their disappointment with Rastar owner Chen Yansheng for years.

Financial details were not released by the club.

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