A CHINESE model car maker agreed to buy a stake in debt-laden La Liga side Espanyol soccer club and will end up owning more than 80 percent of the Barcelona club, the company said yesterday.

    Rastar Group struck a deal with two of the club’s key shareholders to acquire between 45.1 and 56 percent of Espanyol at 78 euros (US$85.90) per share, it said in a statement. Raster, based in Guangdong, makes model cars and deals in related raw materials, with a stock market value estimated at around US$3 billion. As well as model cars, the firm also makes car seats and toys, and is an Internet game developer.

    Rastar will inject up to 45 million euros into Espanyol after the acquisition, taking the total cost to around 64 million euros, it added.

    Rastar board secretary executive Yang Nong said that the cash injection will take the form of a new share issue by Espanyol, and the deal will ultimately leave the company owning “more than 80 percent” of the club.

    According to Spanish newspaper El Pais, most of the investment is set to help clear debts of the financially stricken club, which is perennially overshadowed by city rival and European champion FC Barcelona.

    It is the latest example of the rising influence of the Asian market in Spanish soccer.

    Earlier this year, China’s Wanda Group bought a 20 percent stake in 2014 La Liga champion Atletico Madrid. Singaporean businessman Peter Lim is the major shareholder in Valencia.

    The two Espanyol shareholders that signed the agreement with Rastar, Daniel Sanchez Llibre and his company Tevimore, directly own only a small part of the club but have promised to secure the shares due from other holders, Yang said.

    Under the deal, Rastar will buy a further five percent of the club within four years at the same terms.(SD-Agencies)