The deal that fell apart had been months in the making. In January, Ramos's investment group reached a framework agreement with Sevilla's ownership to purchase 85 per cent of the club's shares for €275 million, with an additional €85 million in debt assumption and an €80 million capital increase — a total package valued at €440 million.
What Ramos's group presented at the meeting on Wednesday was materially different.
Instead of the agreed share purchase, the new proposal envisioned the group acquiring only around 18 per cent of existing shares for €100 million, followed by a capital increase of €120 million that would give them a 42 per cent stake. By controlling the new capital injection, they would then have majority decision-making power without having compensated the existing shareholders at anything close to the agreed level.
Sevilla's shareholders described it privately as the worst offer they had received in the entire process. Their public position was unambiguous — the talks are over.
The collapse ends a process that stretched across five months and consumed significant resource on both sides. Ramos, 40, had grown up in Sevilla's academy before joining Real Madrid in 2005, and the prospect of a former hero returning to guide the club through a difficult financial period had been received warmly by large parts of the fanbase.
The financial situation at Sevilla is acute. The club recorded losses of over €100 million in the most recent reported accounts, and a mandatory capital increase is considered non-negotiable by the football regulatory authorities. Without fresh investment, the club's ability to plan for next season — including keeping coach Luis García Plaza and allowing sporting director José Ignacio Navarro to operate in the transfer market — becomes increasingly constrained.
Sevilla's shareholders are now considering alternative bids from investors who had been tracking the process and believed the Ramos deal would ultimately fail. Sources cited by El Desmarque suggest several credible parties are ready to re-engage immediately.
The World Cup begins on 11 June. Sevilla need a resolution before serious summer transfer planning can begin in earnest.
Ramos gets nothing. Sevilla gets to start again.