BARCELONA, Spain (AP) — Mexican tycoon Carlos Slim has agreed to invest €2 million ($2.5 million) in third-tier Spanish club Real Oviedo, which had been facing bankruptcy before a massive fund-raising effort by fans.
Oviedo narrowly staved off financial extinction after supporters — in Spain and abroad thanks to an effective Twitter campaign — bought more than €1.5 million ($1.9 million) in new shares in the club over the past two weeks.
The club said on Saturday that Slim decided to become the new majority shareholder because of Oviedo's "history in Spanish professional football and above all for the extraordinary support of its fans."
According to Forbes magazine, Slim is the world's richest person with a net worth of $69 billion. Slim made his fortune in the telecommunications industry.
"This challenge and ambition is strictly a sports investment and one that looks to benefit the club and its fans," the club said regarding Slim's plans. "(The investment) will try to support Oviedo's players so they can reach their goals and the club can reach the division that corresponds to its history and values."
Oviedo, whose 38th and last season in the topflight was in 2001, said Slim plans to use the club "to create synergies and exchanges between Spanish, Mexican and Latin American football."