Real Zaragoza is preparing a capital increase of €22 million, which will raise its share capital to €71 million, eleven times more than in 2022, when the team was in the Second Division. Now, it competes in Primera RFEF, its worst historical category.
The Real Zaragoza is experiencing an unprecedented financial and sporting paradox. While the team competes in Primera RFEF, the third tier of Spanish football and its worst historical ranking, the club has seen its share capital multiply more than eleven times in just four years, rising from €6.36 million in 2022 to the €71 million it will reach after the upcoming capital increase.
The new operation, announced by the CEO of A.GAIN, Bobby Aitkenhead, last Thursday, amounts to €22 million and will be approved at an Extraordinary General Meeting next October. Jorge Mas and Juan Forcén, the other two major shareholders, will also attend to reduce the percentage of the new majority shareholder from the current 75% to 60%.
Six Capital Increases in Four Years
This will be the sixth capital increase carried out by Real Zaragoza since Real Z LLC acquired the majority stake in 2022. The previous five totalled €42.6 million: €14.6 million in June 2022, €6.7 million in December 2022, €5.1 million in December 2023, €12.1 million in December 2024, and €4.029 million at the end of 2025. The new one, by far the largest in the club's history, will boost the share capital to €71 million.
All increases, including the upcoming one, have been carried out through debt compensation, meaning no liquid money has entered the club's treasury for sporting expenses. In other words, investors have converted debt into shares, but without injecting fresh cash for signings or salaries.
The Small Shareholder, Almost Disappeared
Currently, Real Zaragoza's share capital stands at €49.015 million, of which only half a million corresponds to small shareholders. The majority ownership, held by A.GAIN, Jorge Mas, and Juan Forcén, controls 99.1% of the shares. After the new increase, their presence will rise to 99.3%, leaving minority shareholders with a negligible stake.
In 2022, when Real Z LLC acquired the majority from the Fundación Zaragoza 2032, small shareholders accounted for around 9% of the capital. In just four years, their weight has diluted to almost nothing. The purchase operation at that time involved an outlay of about €8 million for César Alierta's package (49% of the capital plus a convertible loan), while minority shareholders Yarza and Iribarren sold for half a million each.
For Real Zaragoza fans, this situation generates uncertainty. The club is accumulating losses and struggling to escape the depths of Primera RFEF, while investors continue to capitalise on debt without it translating into sporting improvement. The October meeting will be crucial to learn about the new board of directors and the future plan.
You may also like
