Real Zaragoza: The end of the road

There is no day set yet. And, if there is, it is not made public, but in the SAD the idea is that this week the signing of the sale has to arrive by the investment group led by Jorge Mas. The maximum shareholder of Real Zaragoza, César Alierta, without going any further, showed that confidence last Friday, but so do other voices of the club. If there are no last minute surprises, the end of the tortuous road of the sale is very closeit is believed in the shareholders of the entity that it is already, now, imminent.

The money, the 16 million, that the investment group headed by Jorge Mas together with his brother José and other investors (James Carpenter, Jim Miller and Mark Affolter) has destined to take over Real Zaragoza has already passed all the money laundering procedures and has been in Spain, in a Spanish bank since last Thursday and in a finalist deposit, to carry out an operation in which authorization has not yet been requested from the Higher Sports Council, another of the procedures that would remain.

The money, up to 16 million, arrived on Thursday and the parties give the closed agreement. The definitive disembarkation and the petition to the CSD would take place upon sealing the permanence in Second

It is true that, last summer, there was a date for the notarial signature of the sale with Spain Football Capital at the beginning of June and then an extension until mid-July for that group to present the bank guarantees with the agreement completely closed. In addition, the company represented by Kiko Domínguez and Carlos Álvarez del Campo came to request authorization from the CSD, which was granted. However, now it does seem the definitive one after almost 14 months of tortuous road since the first contacts with Spain Football Capital and with options that fell by the wayside such as that of the American CVC fund, that of the Sevillian businessman José María Gallego with a Canadian fund, the Ares Management group, although this is represented in the way of Jorge Mas, or, the last of all, that of the Orlegi Group.

Only the temporary management agreements, the transfer of powers procedures and other details remain for the sale, in addition to the suspensive condition in case of descent, something already more than unlikely with a 12-point advantage with the danger

Only the temporary management agreements, the transfer of powers procedures and other details remain for the sale and purchase, in addition to the suspensive condition in case of relegation to the First RFEF, something already more than unlikely with a 12-point advantage with the danger, the same distance that the team had before starting last day and with nine just to be played. The normal thing is that this agreement is signed this week, with all the shareholders or only with César Alierta, who controls 50.56%, and whose sale of his shareholding package is essential in the agreement and, when mathematical permanence is achieved, the total disembarkation occurs, with the presentation and arrival of the new owners, and also the request to the Higher Sports Council for authorization. The CSD has to confirm the acquisition of shares, complying with the obligation established in the Sports Law, since the number of shares subject to the sale will be equal to or greater than 25% of the share capital of the SAD.

This disembarkation will suppose a wide change in the entity, in its Board of Directors and with a new president, but also in the day to day of the club, in its executives, where the figure of Raúl Sanllehí will be the key, an executive general director who will carry out a broad reform of the entity. Sanllehí wants to wait for his landing to make decisions on the ground and does not rule out the continuity of an executive, but the normal thing is that there are changes, starting with the sports management and also in other areas of the SAD, although the reports he has from those responsible for the quarry (Ramón Lozano and Ángel Espinosa) are very good. Thus, it is more than feasible that Miguel Torrecilla, who ends his relationship in June, will not continue, but that decision has not been made.

Uguet, Blasco, former president Lapetra, Sainz de Varanda, Forcén and Yarza, before a Board of Directors ROYAL ZARAGOZA


In this first disbursement of 16 million, a part will go to the purchase of the club and another to inject capital into SAD. The offer includes for the Alierta family, which owns 50.56% of the share capital, which is 6.3 million, the payment of its shares, almost 3.2 million, the amount of the participating loan convertible into shares, about 3 .8, and the premium for being the majority shareholder so that the overall figure in that case is close to almost 8. While, the investment group offers the main non-majority shareholders, Carlos Iribarren, Juan Forcén and the Yarza family, all with 13.46%, half a million euros, which was what they put into the capital increase to reach 4.5 million in March 2015. That 13.46% of the capital represents about 850,000 euros, and the difference between that amount and the American offer for them, about 350,000 euros , could well be the percentage of shares that Yarza and Forcén would hold in the SAD, around 5.5%. However, from Yarza’s environment this is denied and his departure is ensured, not only from the council but also from the property.

The offer to shareholders

Later, Alierta capitalized part of that aforementioned loan for 1.8 million in 2019 to reach 6.3 today. If Yarza and Forcén do not sell and if the Alierta and Iribarren family do, the investment group would control almost 64.02% of the capital. If they all sell, it goes to 91%. The guarantees that the Zaragoza 2032 Foundation has, almost 11 million in two loans from CaixaBank, one for just under eight and the other for three, the latter guaranteed only by Alierta, are also assumed by the investment group. The difference between the cost of landing, which can be from 8 to 9.5 million if in the end all the shareholders sell up to 16, would go to the club’s coffers to solve the most immediate payments and prepare for the next season.

The intention of the investment group is to carry out a capital increase that would leave Yarza and Forcén with an even lower percentage in the event that they ultimately remain in the share capital. With this extension and the first contribution, the idea is to refinance the debt and make the club more sustainable on a day-to-day basis, in addition to raising the salary limit, now one of the lowest in the Second Division, to seek promotion.