Chinese investment corporation CITIC will sell top domestic soccer team Slavia Prague to Czech billionaire Pavel Tykac, the team announced on Thursday.
Tykac, the owner of the Sev. en energy and investment firm, which has been growing internationally in recent years, said that he and CITIC had reached a deal to purchase one of the largest teams in the nation, together with the Eden stadium where it is played.
The first quarter of 2024 was the anticipated date of settlement. “Loyal Slavia fans like my father and grandfather surround me. Sharing in Slavia’s continued growth is a great honor for me,” Tykac stated.
Over the last five years that CITIC has owned Slavia Prague, the team has qualified for three European tournament quarterfinals and won three league crowns.
Chairman of Slavia Prague Jaroslav Tvrdik predicted more advantages from Tykac’s arrival at the 131-year-old team, which has won 21 league titles.
“Pavel Tykac is an experienced Czech businessman, investor, and life-long Slavia fan,” he stated. “We welcome him.”
Tykac, an energy investor who Forbes values at $8 billion, has shifted his focus from domestic coal mining and power generation acquisitions to the United States and Australia, primarily because coal asset values are declining as a result of a global trend to phase them out.
Sev. en Global Investments announced last month that it will acquire the majority of shares from American energy company AES Corp. (AES.N.) in a large coal-fired facility in Vietnam. The Slavia Prague deal’s financials were kept under wraps.