Brazil great Ronaldo sells majority stake in Valladolid

"The chairman of the board of directors and majority shareholder of Real Valladolid, Ronaldo Luis Nazario de Lima, announces a deal has been signed for the transfer of a majority stake in the club to a North American investment group with the financial backing of a European fund," said Valladolid in a statement. The club, relegated from La Liga after a dismal campaign, said more details will be made available in the near future and that the deal is subject to approval from the Spanish sports council.