Mitsubishi Motors Corp. plans to sell part of its equity stake in the subsidiary that operates the Urawa Red Diamonds, a professional soccer team better known as the Urawa Reds, informed sources said Monday.
The automaker is considering lowering its stake in the Urawa Reds operator to below 20 percent from the current 50.6 percent, the sources said.
Mitsubishi Motors is slated to come under the aegis of domestic peer Nissan Motor Co. within this month, in order to rebuild its operations that have been damaged by its fuel efficiency data manipulation scandal.
Nissan is the sponsor of another professional soccer club, the Yokohama F. Marinos. Both the Urawa Reds in Saitama Prefecture and the Marinos in Kanagawa Prefecture belong to the J1 top division of the Japan Professional Football League, or the J. League.
Mitsubishi Motors’ partial sale of its stake in the unit is being studied so that Nissan will not breach a J. League rule that bans a single entity from controlling two or more teams in the professional soccer league, the sources said.
Among other investors in the Urawa Reds operator are the Saitama Prefectural Government, the city of Saitama, and Mitsubishi Heavy Industries Ltd.
Mitsubishi Motors is in talks with Mitsubishi Heavy on the sale of shares in the Urawa Reds operator, the sources said.
The automaker is also believed to be considering the possibility of selling the stake to local governments and others, according to the sources.
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