Real Zaragoza is considering the entry of an investment fund that would take a significant shareholding. The operation, channelled by former goalkeeper César Sánchez, would involve changes in the club's management structure.
The Real Zaragoza has opened a negotiation pathway to receive a capital injection through an investment fund that would acquire a significant part of its shareholding. If successful, the operation will not only modify the structure of the Sports Public Limited Company (SAD) but will also lead to a renewal in the club's management positions.
Former goalkeeper César Sánchez, key link with the Bahraini fund
According to this media outlet, former Real Zaragoza goalkeeper César Sánchez has acted as a conduit between the current ownership and the investment fund. However, the ex-goalkeeper will not return to the club in this operation. Currently, César Sánchez is an external advisor for Córdoba CF as a representative of the fund Infinity Sports Ventura WWL, owned by the Kingdom of Bahrain and participated in by the royal house of the Asian country.
This fund already rescued Córdoba CF from a critical situation and, after returning it to the Segunda División, has consolidated it in the second tier. The management model applied in the Andalusian club could be replicated at Real Zaragoza if the negotiation reaches a successful conclusion.
A history of failed attempts for capital entry
This is not the first time César Sánchez's name has been linked to a potential investment in Real Zaragoza. In 2019, along with footballer Ander Herrera, he negotiated a capital increase of two million euros that ultimately did not materialise. Months later, the academy graduate acknowledged in an interview that “I made myself available to the club if they needed me and was willing to buy a shareholding package.”
After that failure, it was César Alierta who took the majority control of the SAD —50.56%— through a debt capitalisation. In December 2020, during a sports crisis that ended with the dismissal of sporting director Lalo Arantegui, discussions resumed for César Sánchez and Ander Herrera to enter with a financial contribution, without a capital increase, to manage the sports area. In that plan, Tito Blanco would have been the technical secretary.
By 2022, when the American fund Real Z LLC acquired the majority shareholding, César Sánchez, this time without Ander Herrera, represented an investment group that negotiated until the last moment for the purchase of the club. Ultimately, the option led by Jorge Mas prevailed.
The last capital increase and the search for Aragonese investors
This past June, the board of directors of Real Zaragoza approved the sixth capital increase since the arrival of Real Z LLC, which was only attended by Jorge Mas and Juan Forcén, as announced by the president in an interview directed at the fans after the relegation to Primera RFEF. The Aragonese businessman Juan Forcén has gained weight in the shareholding and has been responsible for seeking new investors, especially among local entrepreneurs. However, his efforts have faced reluctance and closed doors.
Now, the possible entry of the Bahraini fund opens a new hope for the Zaragoza entity, which needs capital to face its sporting and financial future. If confirmed, the operation would represent a change in the club's management, with a new board and a business model similar to that of Córdoba CF.
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