Madrid: Former Espanyol president Daniel Sanchez Llibre has explained his decision to sell the majority of his stake in the Spanish football club to the Chinese company Raster Group, which is led by Chen Yansheng.

The deal sees Espanyol become the first Spanish club to be under Chinese owners, although Atletico Madrid also have a Chinese shareholder in Wang Jianlin, the president of the Wanda Group, reports Xinhua. “The investment will be between 65 and 100 million euros (Dh261-Dh441 million). I am very hopeful, because until now nobody has been able to propose a project as Raster have done,” said Sanchez Llibre, who was impressed by the club’s new owner. (IANS)