Castro and Del Nido may contend again for Sevilla FC’s presidency at the shareholder meeting scheduled for December 29.
The club’s future remains uncertain on the field, but it is the institutional arena where a long-running power struggle has been unfolding, with competing factions seeking to steer the club’s direction.
A General Meeting of Shareholders is set for December 29, 2022, and a change in Sevilla’s presidency cannot be ruled out.
For months, the club’s president, Jose Castro, has faced solid opposition from his predecessor, Jose Maria Del Nido Benavente, who has repeatedly expressed his ambition to reclaim the top post. Del Nido’s goal has clashed with the governance pact signed in 2019 by the major shareholders to curb foreign capital from gaining decisive influence in the entity.
Back in 2019, Castro, Del Nido, and the other principal shareholders, excluding the foreign investor 777 Partners, agreed to a governance pact. The agreement outlined equal voting power at shareholder meetings, tied annual dividend income, and alternating terms for the presidency. After a few months, Del Nido withdrew his powers of attorney and indicated plans for a return in 2023, leading to several legal efforts to overturn the pact.
In the last two shareholder meetings, Del Nido has been unable to vote without risking a breach of the pact, and he has sought protective measures to enable free voting rights. The Court of First Instance number 10 in Seville issued an order on December 13 allowing Del Nido to vote without being bound by his son, who serves as vice president of the club, and to participate freely in the process.
However, interpretations diverge regarding the scope of these protections. Del Nido sees the measures as permitting him to vote independently of Castro’s bloc, without triggering sanctions. The incumbent leadership argues that the pact remains in force and sanctions still apply to votes cast contrary to its signatories.
Five million euros: penalties for pact breaches
The pact imposes hefty fines on signatories for violations related to club management and a 30 million euro penalty for failing to honor pre-emption rights, since the parties agreed not to sell current shares to external investors without prior notice to the others.
These penalties previously deterred Del Nido from voting in the 2021 shareholders meeting and helped ensure the court that he could exercise his voting rights under the order without repercussions.
For the current year, Del Nido faces the risk of legal action if others decide to sue for breach of the pact, though he might still pursue a path to victory if the numbers align to sway the board in his favor.
The minority vote: potentially decisive
Both sides have been acquiring shares at elevated prices, approaching 2,000 euros per share, well above the nominal 60 euro par value. This activity complicates efforts to determine exact control. Del Nido, as the club’s largest individual shareholder, owns around 25 percent. His partners at 777 Partners hold about 7 percent, and Jose Gomez Miñan controls approximately 4 percent. Castro’s faction, which includes the Alés, Guajarro, and Carrión families, holds roughly 40 percent.
The Accionistas Unidos minority bloc accounts for about 5 percent, with other small shareholders totaling another 5 percent. The voting outcome at the assembly could ultimately decide Seville’s direction and clear up the current uncertainty.
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