Czech billionaire Pavel Tykac to buy football club Slavia Prague from CITIC

Tykac, owner of the Sev.en energy and investment group that have been expanding globally in recent years, said he had signed an agreement with CITIC to buy one of the country's biggest clubs along with the Eden stadium it plays in.

Settlement was expected in the first quarter of 2024.

"I am among loyal Slavia fans, like my father and grandfather. It is a big honour for me to share in Slavia's further development," Tykac said in a statement.

CITIC has owned Slavia Prague for the past five years, during which the club won three league titles and made three quarter-final appearances in European competitions.

Slavia Prague's chairman Jaroslav Tvrdik said Tykac's entry to the 131-year-old club, which has won 21 league titles in its existence, would bring further benefits.

"Pavel Tykac is an experienced Czech businessman, investor and lifelong Slavia fan," he said. "We welcome (him)."

Tykac, valued by Forbes at $8 billion, is an energy investor who has shifted his coal mining and power production acquisition focus abroad, mainly to the United States and Australia as coal asset prices drop amid a global trend to phase them out.

His Sev.en Global Investments last month said it would buy a majority stake in a large coal-fired plant in Vietnam from US energy firm AES Corp.

Financial details of the Slavia Prague deal were not disclosed.