A business group with international capital will buy Recreativo

As indicated by the City Council in a press release, the agreement is the result of “a complex negotiation” between Gildoy, to whom the justice system returned the shares after annulling the expropriation of 2016, and the group interested in taking over the majority stake. of the club and the City Council, which manages the administration of the company and maintains an open judicial appeal against the sentence.

After reaching an understanding between the two private agents, the council has held conversations with the buyer to verify the solvency of the project, as well as advance a commitment to recognize the debt accumulated during these years of municipal management.

In this way, the City Council has conveyed to the interested party “its intentions and will” to reach a compromise, said Muñoz, who insisted that “this must be approved by the Plenary Session of the City Council and have the approval of the Secretary and Controller”. However, he stated that “the harmony is total and on the part of the potential buyer they have stated that they would have no problems accepting the conditions that have been proposed.”

Likewise, Muñoz explained that “since we received notification of the ruling annulling the expropriation on January 26, this City Council has worked tirelessly, without wasting a minute and opening all possible avenues with a single objective: to guarantee the future of the Recre, from our Dean. “It was the clear slogan conveyed by the mayor, Pilar Miranda, who at all times has given priority to the solution to the Recreativo,” he added.

In this regard, as the councilor has stressed, at this time, “on the one hand, we opened the judicial process knowing of the enormous difficulties that existed due to the forcefulness of the sentence” and “on the other, we initiated the necessary movements to facilitate the sale of the “Recreed to the right hands.”

To facilitate the operation, the council will abandon judicial proceedings. The ruling made any option of a direct purchase by the City Council impossible, but nevertheless the City Council maintains “an essential role” in facilitating the sale operation by Gildoy or ruling out groups without sufficient guarantees.

In this sense, the efforts carried out during these ten months have resulted in the announced agreement. As a consequence of the sale agreement, and after the conversations held, a transition period begins in which while this ‘Due Diligence’ is carried out, the club will continue to be managed by the current board of directors.

However, the opinion of the potential buyer will be taken into account in important decisions.

The estimate of the deadlines with which the parties work would be that the operation, if positive, would be closed no later than the end of January. Francisco Muñoz has highlighted that “the opposition groups are punctually informed of all this, to whom we thank their discretion and collaboration, as well as the board of directors to whom we thank their commitment and absolute loyalty to the interests of the club at such a time.” complex.

The City Council will maintain its participation of 23% of the shares through Huelva Deporte while the sale commitment contemplates the entire participation of Gildoy, which in this way would completely exit the recreational shareholding. With this operation a new stage opens for Recre. «Let us hope that the times to come will give us the joys that our fans deserve. While the entire process is completed we ask for patience and support for the team, the coaching staff and its board of directors and environment. “Today more than ever we must all be united by our Recre.”