Tiny Spanish soccer listing may spur deals
A sporting minnow poised to become Spain’s first publicly quoted soccer club could blaze a trail for bigger teams to follow suit, according to Luis García, fund manager at MAPFRE AM.
Last month, shareholders of CF Intercity backed plans outlining the way forward to take the Spanish fourth-division team, which is based in Sant Joan d’Alacant, a town on the Mediterranean coast, public. At about 4.5 million euros, its initial market valuation will be modest to say the least.
Even so, Luis García, portfolio manager of MAPFRE AM Behavioral Fund, in an interview with Bloomberg, said the listing is “great news”, adding that “Intercity isn’t going to be the only one – it’ll open the door to the stock exchange for more clubs.”