The Levante Foundation has voted against selling the club to American businessman Robert Sarver.
President Quico Catalan said after only 14 of the 33 members of the board of trustees voted in favour of selling 72% of the club to Sarver that a vote in favour of the proposal would have been ‘cowardly.’
“Levante couldn’t be sold out of fear of relegation. That would be for a coward, and I am not a coward. Money doesn’t give me peace,” Marca quotes Catalan as saying.
“We’re different. I wasn’t selling as President of Levante. The money could have been good but the Levante people have voted. We understood it was not time for a change.”
Sarver, who owns NBA outfit Phoenix Suns, was reportedly offering €56m to take control of Les Granotes.
Two-thirds of the board of trustees would have had to vote in favour of Sarver’s offer for the deal to go through. The final tally had 14 votes in favour, 13 against and two abstentions.