Sergio Ramos and Sevilla: the plot twist in a deal that seemed done

Last week it looked done and dusted. Sergio Ramos walked out of the Sevilla hotel with a smile on his face, thumbs up, photos and all. The deal between the former defender and investment group Five Eleven Capital to buy 60% of Sevilla FC seemed like a matter of hours. Valuation: between 400 and 450 million. Debt audited by KPMG: 85 million. Everything tied up.

What went wrong? The Mexican investors pulled out. Ramos's group arrived with capital from several nationalities. The Mexicans have jumped ship. Without them, Five Eleven Capital doesn't have the cash available to cover the 275+ million that would go to the sellers — not counting the assumed debt or the subsequent capital increase.

Ramos has exclusivity until 31 May. Ten days to find new financing or watch other groups — there were several interested parties — slip through the door. The irony is brutal: the man who never lost in the last minute, who scored in the 93rd of a Champions final, now has to pull off a turnaround in a business deal during injury time.

The good news for Ramos, if this goes ahead: Sevilla is already mathematically safe after matchday 37 with 43 points. The spectre of relegation that hung over the club's valuation has vanished. That simplifies the sums a bit — a Sevilla in the top flight is worth considerably more than one in the second tier. But even so he needs investors, and he needs them before 31 May. The clock is ticking. The investors are running.

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