US investors take over Spanish 2nd-division club Reus

MADRID — American investors are taking over Spanish second-division club Reus, keeping it from being dissolved and dropped from the league.

The club says real estate investment bankers Russell Platt and Clifton Onolfo have purchased 99.7 percent of Reus' shares.

Financial details were not immediately released, but local media say the club's debt has reached 5 million euros ($5.7 million).

The statement by Reus on Monday says the new group plans to build an 18,000-capacity stadium and an entertainment complex.

The club says Platt was a founder of Morgan Stanley Real Estate, while Onolfo was a former owner of the Connecticut Wolves, a team which used to play in the United Soccer League.

The takeover will allow Reus to keep playing in the second division and avoid the immediate risk of extinction. Last month, players demanded out of their contracts because they hadn't been paid in months.

The new owners will have to show the club from near Barcelona is in compliance with rules by the Spanish league and other stakeholders.

Reus' match against Las Palmas on Saturday was suspended because of the team's situation.

The Catalan club is 20th in the 22-team second-division standings.

Among the players affected by Reus' situation was young United States defender Shaq Moore, who was playing on a loan from Levante. He returned to Levante this month.

___

More AP soccer: https://apnews.com/apf-Soccer and https://twitter.com/AP_Sports

Similar News

WHY IT MATTERS: All will be touched by choice in November

Aug 11, 2016

Hillary Clinton and Donald Trump offer voters distinct choices this fall on issues that shape everyday lives

Kohl's 2Q profit tops expectations as it lowers expenses

Aug 11, 2016

Kohl's 2Q profit beat analysts' expectations as the department store operator reduced expenses and managed its inventory well

Global oil demand to cool, oversupply is ending, agency says

Aug 11, 2016

Global demand for oil will grow less than previously expected next year due to a weaker economy, though the oversupply of the market is ending, the International Energy Agency said Thursday

Broaden