American group offer to buy La Liga side Levante

Levante UD, Ciutat De Valencia

La Liga club Levante have received an ambitious takeover proposal, which could bring heavy investment.

According to reports from Spanish radio network, Cadena COPE, an American finance group has made a formal bid to take control of La Liga club, Levante UD.

The group first made contact with Levante club president, Quico Catalan, just over a month ago. Since then, there have been various meetings between the Americans and the club, along with exchanges of documentation, as all angles of the deal are explored fully.

The report from Cadena COPE states that a bid of €50 million has now been lodged, in order for the American group to take over the 70% controlling stake at Levante, which has been held by Fundacion Cent Anys since December 2009.

Highlighted as key reasons for the interest of the American group, is the general rise in prominence of Spanish football and particularly La Liga, which is enjoying excellent growth internationally and especially in the United States.

In addition, the fairer distribution of TV money recently agreed in La Liga, also makes even the more modest clubs in Spain, healthier prospects for serious financial investment and growth.

With a strong background of financial investment in the NBA, the American group have been involved in the most popular and lucrative Basketball arenas in the United States. Their bid also comes with assurances of ambitious investment at Levante.

The executive committee of Fundacion Cent Anys and the board of directors at Levante, are now expected to study the proposal fully, with a general meeting scheduled for 23rd June.

Along with the proposed investment, an additional appeal to the Levante board, is that they'll remain at the helm, headed by current president, Quico Catalan, to ensure a smooth transition in the change of ownership.

Fans of Levante will certainly have every reason to get excited, given the level of investment city rivals Valencia have enjoyed, since the takeover of Singapore billionaire, Peter Lim.

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