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Page last updated at 11:54 GMT, Tuesday, 22 July 2008 12:54 UK

Englishman agrees to buy Mallorca

Real Mallorca in action against Real Madrid last season
Real Mallorca (in red) in action against Real Madrid last season

English businessman Paul Davidson is set to buy the controlling share in Spanish football club Real Mallorca.

Drac, the company which owns the club, announced on Mallorca's website that a pre-agreement had been reached.

It was also stated that Davidson will not take over as president of the club, with Drac owner Vicente Grande remaining in the role.

Davidson, who owns a pipe-fitting firm, said he is buying Real Mallorca to promote his businesses in Spain.

He told the Telegraph: "I don't know much about football but I will use the club to promote my other business interests.

"We will operate our other businesses from the club, but I will not be taking decisions about football. I will leave that to the current management."

Davidson, who is known as "The Plumber", will have to formalise the agreement in the coming weeks and the agreement will also be subject to a period of due diligence.

The pipe-fitting company owned by Davidson, Fluid Leader, was recently floated on the Plus Market, earning the Englishman a reported 40m.

It is believed Davidson will pay 50m to gain a 96% share in Mallorca, and saw off competition from ex-Newcastle chairman Freddy Shepherd as well as an unnamed Russian investor.

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