Chinese energy company CEFC acquires majority 59.97 pc stake in Czech club Slavia Prague

MarketsAssociated Press

Slavia Prague says CEFC China Energy Company has acquired a majority 59.97 percent stake in the oldest Czech football club.

Slavia, in financial trouble in recent years, says the change is meant to ensure a quick financial stabilization of the club and its long-term development.

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In a statement on Friday, the club says Fly Sport, a company owned by Czech businessman Jiri Simane, has a 39.97 stake.

Former Czech Transport Minister Ales Rebicek was the previous owner of Slavia.

The move was announced after CEFC recently bought two palaces in Prague, and increased its stake in the Czech-Slovak J&T Finance Group.