Prague, December 21 (Reuters) – Renowned Czech billionaire Pavel Tykac to acquire Slavia Prague FC, a strategic move for the 131-year-old club’s continued growth and success. billionaire Pavel Tykac is set to acquire the prestigious Slavia Prague football club from the Chinese investment conglomerate CITIC, as confirmed by both Tykac and the team on Thursday.

The owner of the Sev.en energy and investment group, which has been steadily expanding its global presence in recent years, Tykac announced that he has entered into an agreement with CITIC to purchase one of the nation’s foremost football clubs, along with the iconic Eden Stadium where the team plays.

The completion of the deal is anticipated in the first quarter of 2024.

Expressing his enthusiasm for the acquisition, Tykac, a devoted Slavia fan like his father and grandfather, stated, “I am among loyal Slavia fans, and it is a great honor for me to contribute to Slavia’s continued development.”

CITIC has held ownership of Slavia Prague for the past five years, a period during which the club secured three league titles and reached the quarter-finals in European competitions on three occasions.

Jaroslav Tvrdik, the chairman of Slavia Prague, welcomed Tykac’s involvement in the 131-year-old club, emphasizing the potential benefits his entry could bring. “Pavel Tykac is an experienced Czech businessman, investor, and lifelong Slavia fan. We welcome him,” Tvrdik remarked.

With a Forbes valuation of $8 billion, Tykac is an accomplished energy investor who has redirected his focus on coal mining and power production acquisitions abroad, particularly in the United States and Australia, amid decreasing coal asset prices and the global shift towards phasing out such resources.

Last month, Tykac’s Sev.en Global Investments announced its intention to acquire a majority stake in a sizable coal-fired plant in Vietnam, marking another strategic move in his international business portfolio.