RONALDO SELLS STAKE IN BOYHOOD CLUB CRUZEIRO, EXPECTED TO SELL 51% IN SPANISH CLUB NEXT

NEW DELHI: Brazilian football legend Ronaldo has reached an agreement to sell his majority stake in Cruzeiro, the club where he began his senior career, as announced by the Brazilian Serie A team on Monday.

The 47-year-old, who acquired a 90% stake in the club for $70 million through his company Tara Sports Brasil in 2021, has agreed to sell the shares to BPW Sports company. The financial details of the transaction have not been disclosed.

During his tenure, Ronaldo successfully cleared the club's $195 million debt and played a crucial role in their return to the top flight in 2022 after spending three seasons in Serie B. Despite this achievement, recent poor performances led to criticism and calls for his departure from some fans.

In a statement, the club said, "Ronaldo and BPW Sports signed an agreement to acquire all the shares of Tara Sports Brasil, the company that owns 90% of Cruzeiro SAF."

The statement also praised Ronaldo's administration for bringing a new perspective to the club, implementing professional management, and establishing a governance structure aligned with international best practices. The club's credibility was restored, attracting significant partners and sponsors, with record-breaking contracts.

Ronaldo, who won the World Cup with Brazil in 1994 and 2002, will remain a member of Cruzeiro's board of directors, pending approval of the deal by Brazil's Administrative Council for Economic Defense. The former striker made his professional debut with Cruzeiro at the age of 16 in 1993 before going on to become one of the world's best strikers.

At a news conference, Ronaldo expressed mixed feelings about the decision, stating, "A mix of feelings hit me today, but above all, the feeling of fulfilment. It's impossible not to remember when I took on the great challenge of buying Cruzeiro."

He acknowledged the challenges faced during his tenure and expressed satisfaction in handing over the club in a better situation than when he took over.

"We've faced many challenges, the majority of which we've overcome. We've stumbled along the way, but today I can say that I'm handing Cruzeiro over with a sense of having done my duty, given that the club's situation was very precarious," said the former striker.

In addition to selling his stake in Cruzeiro, Ronaldo is also expected to sell his 51% stake in Spanish second-tier side Real Valladolid, as he told reporters, "Valladolid is next."

(Inputs from Reuters)