Czech billionaire Tykac to buy soccer club Slavia Prague from CITIC

PRAGUE :Czech billionaire Pavel Tykac will buy top-flight domestic soccer club Slavia Prague from Chinese investment group CITIC.

Tykac, owner of the Sev.en energy and investment groups that have been expanding 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.

Slavia Prague confirmed the deal in a separate release.

"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.

Settlement of the deal is expected in the first quarter of 2024 after regulatory approvals.