Ares’s Miller, Inter Miami Owners Acquire Zaragoza Football Club

A group of investors including the co-owners of Inter Miami CF and an Ares Management Corp. partner has agreed to buy a 51% stake in Spanish football club Real Zaragoza SAD.

Closing the deal depends on the club not being relegated from Spain’s second division this season and authorization by Spanish authorities, according to a statement on Friday. It will allow Zaragoza to cut its debt burden and increase its squad spending cap, according to the statement.

The group buying Zaragoza from Telefonica SA’s former chief executive officer, Cesar Alierta, includes the Mas Santos brothers. They co-own U.S. club Inter ...