Chen Yansheng will on Tuesday become the majority shareholder in Espanyol, with a 56.2% stake in Los Periquitos.
Mundo Deportivo reports Chen arrived in Catalonia on Monday to finalise his takeover of the club, and met with Dani Sanchez Libre, the former President who still held a majority share in Espanyol, to sign the paperwork.
The documents were on Tuesday morning in the process of being ratified and there wasn’t expected to be any last-minute problems.
Chen and his Rastar Group will then become the owners of Espanyol, and it’s expected Joan Collet will be relieved of his position as President.
Sanchez Libre will retain a 5% share in the club and will be an advisor to Chen for the next four years.
Espanyol could now enter the transfer market in a major way, with sporting director Oscar Perarnau pushing for a centre-back, winger, midfielder and striker.
Constantin Galca, appointed in place of Sergio Gonzalez in December, has won only once and Espanyol are currently on a six-game winless streak.
No names are mentioned as potential signings but it’s said to be a priority for the new owner.