By Yantoultra Ngui
HONG KONG, Oct 23 (Reuters) - Spanish soccer club Valencia CF said on Friday an investment group backed by KKR co-founders George Roberts and Henry Kravis would buy a 42% stake in the club in a deal valuing it at €1.25 billion ($1.4 billion) including debt.
Pitchwise Holdings, a consortium of family offices and long-term institutional investors led by sports executives Ann Rodriguez and Corey Woolfolk, will acquire the shares from majority owner Meriton Holdings, Valencia said.
The
investors will also inject €100 million into the club, Valencia said, adding that the deal remains subject to customary closing conditions, including regulatory approvals.
Meriton will retain a majority stake, while Kiat Lim will remain president. Rodriguez and Woolfolk will join Lim in a new ownership group, Valencia said.
The deal comes as wealthy families and institutional investors increasingly seek exposure to sports franchises, attracted by their global audiences, media rights and commercial growth potential.
Pitchwise's backers include Roberts and Kravis, co-founders and co-executive chairmen of KKR, the global investment firm, as well as Penner Sports Group, the Denver-based sports and entertainment holding company founded by Greg and Carrie Penner.
Penner Sports Group's holdings include the NFL's Denver Broncos and a minority stake in Major League Baseball's Colorado Rockies, Valencia said.
Lim said Pitchwise was selected from several interested parties because of its "long-term investment expertise and sports acumen".
Valencia said the valuation reflects its men's and women's teams, the 49,000-seat Mestalla stadium and the Nou Mestalla project, which is expected to have capacity for more than 70,000 fans.
The new ownership group will oversee the club's move to the Nou Mestalla stadium, which Valencia described as its most significant milestone in 100 years.
($1 = 0.8937 euros)
(Reporting by Yantoultra Ngui; Editing by Philippa Fletcher, Alexander Smith and Mark Potter)
