MADRID (AP) 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.
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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.