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Sergio Ramos’ proposed takeover of Sevilla has completely collapsed after the Real Madrid legend radically changed the terms of his offer.
Negotiations ended abruptly on Wednesday when the former defender returned to the table with a heavily reduced offer, prompting the seller to walk away from what was supposed to be a historic deal for the Andalusian club.
A sudden change of mind
According to El DesmarqueSevilla have ended negotiations with Ramos and his investment group following a radical change in their proposal.
Two weeks ago, a letter of intent was signed for a massive buyout of 440 million euros. This initial agreement provided for €80 million for a capital increase, €290 million for shareholders and the rest of the funds allocated to clearing the club’s estimated net debt.
The seller had even agreed to grant a payment period while absorbing any possible losses until final signature.
Ramos had assured the current owners that payment guarantees would be provided, which makes this Wednesday’s sudden turnaround very unexpected.
The proposition cut
The new consortium presented radically different terms, cutting the valuation in half to a €220 million deal. Under this revised structure, €120 million would be injected into an urgent capital increase, giving the group a majority stake of 42%.
The remaining €100 million would then be used to buy back a further 18% from existing shareholders, giving them full control while rendering the remaining shares virtually worthless.
Sevilla walk away from Ramos deal
Not surprisingly, the current owners immediately rejected the amended proposal. The seller unilaterally broke the agreement, considering the new financial conditions totally unacceptable for the future of the club.
By not specifying exactly which shares they planned to buy, the potential buyers were considering launching a general public offering, a move that would leave the current owners severely marginalized.
Furthermore, this downgraded offer was actually significantly lower than an alternative proposal previously submitted by another investment group, which the board had not even considered at the time.
This sudden collapse leaves everyone involved feeling like five long months of intense negotiations have been entirely wasted.
La Liga in a race against time to find a new buyer
Sevilla now face a race against time to secure vital investment. As the mandatory capital increase remains an absolute necessity, the club must quickly find a new buyer.
Fortunately for the Andalusian group, several new investors have already knocked on the door to reactivate their interest, which would make it possible to restart negotiations very soon.
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