British businessman cleared to buy Real Mallorca

A court on the Spanish island of Majorca announced Tuesday it has cleared the sale of a majority stake in Real Mallorca to British entrepreneur Paul Davidson.

Davidson, a former plumber who is head of pipe-fitting business, will pay a reported 38 million euros (52 million dollars) to buy 91.24 percent of the club from Vincente Grande, head of the debt-ridden Binipuntiro company.

Davidson announced his interest in the club several months ago, and beat out competition from former Newcastle United chairman Freddy Shepard.

Since Grande was declared insolvent, the commercial court had to approve the deal before it could go ahead.

Real Mallorca, based in Palma, the capital of the Spanish Balearic island, are 11th in the Spanish first division.