Atitlán Capital turns down Valmor Sports

The private equity firm admitted that it was one of several companies to have been approached by the firm, which runs the Formula One Grand Prix and the Valencia Ricardo Tormo Circuit.

Having considered and rejected the proposal, the investor explained that a transaction with Valmor would not be in line with its investment strategy and that the amount requested was "excessive".

Atitlán Capital does not usually invest in companies of this nature, being a specialist in the agri-food sector.

Valmor and the Generalitat have spent the past few months searching for a backer prepared to manage the company's events and facilities. The business has accumulated significant losses and debt.

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