Spain's Mallorca football club has reached an agreement to sell out to an organization owned by an English businessman.

The company called Fluid Leader, presided over by Paul Davison, has bought the shares owned by club President Vicente Grande, through his company known as Grupo Drac.

It is the first time in its history that the club has been in non-Spanish control, although Grande will continue as club President for the next five years.

"The deal has been made with the firm intention of maintaining and improving the position of the club in the elite of both Spanish and European football,"explained Grupo Drac in a communique published in the newspaper El Mundo Deportivo.

"The agreement will work out in benefit of Mallorca and also of Grupo Drac,"concluded the statement.

(Xinhua News Agency July 23, 2008)