Universidad de Chile escapes bankruptcy

A group of investors on Friday paid US$6.3 million (4.7 million EUR) for Universidad de Chile, rescuing the soccer club from bankruptcy.

Photo: Universidad de Chile escapes bankruptcy

The deal gave Larrain Vial, a Chilean stock broker company, businessmen Carlos Heller from Chile and Octavio Colmenares of Mexico control of the club for the next 30 years under a concession system.

The investors formed a group called Azul-Azul, or Blue-Blue, after the club's shirt color.

The club declared bankruptcy early last year because of the deep tax and other debts.

The approval of the deal by judge Jenny Brooks may bring back to club to striker Marcelo Salas, who had resigned, unhappy with the court-appointed administrator Juan Edwards.

Salas did not immediately comment, but he has said that he was prepared to return after Edwards' departure.