Former Real Madrid and Spain defender Sergio Ramos is leading a €400million (£348.2m; $469.2m) alongside foreign investors to purchase his boyhood club Sevilla.

Ramos was born in the Province of Seville and came through the club’s academy before signing for Madrid in 2005, and had a second spell with the team in the 2023-24 season.

The 39-year-old is currently a free agent after leaving Mexican club Monterrey in December.

Ramos would not be the largest investor in any takeover but is spearheading the bid as its public face. According to sources briefed on the process, speaking on the condition of anonymity, an American fund is involved in the bid.

The proposal would be for 100 per cent of the club, but is subject to an exact valuation of the club’s debt — which could be around €180m according to club sources — pending an external audit commissioned by the bidders.

Club sources believe that the uncertainty over the valuation of the debt lies in whether the loan made to them by CVC Capital Partners (which was provided to other La Liga clubs as part of CVC’s 2021 investment in the league) is considered part of the debt. According to these sources, Sevilla do not consider this loan, described as ‘participatory’, to be debt, and neither does La Liga.

Given this uncertainty, sources briefed on the process, speaking on the condition of anonymity to protect relationships, understand that the bid may not be currently the best offer for the club. The €400m bid is for the club’s ‘enterprise value’.

The deal is likely to take time to finalise, meaning that Ramos could be eligible to play in Spain this season if he signs with a club. Spanish rules dictate that a player may not play for a club while operating as an owner.

Sevilla’s ownership is split between several groups and families including the Del Nido family (24 per cent), the Sevillistas de Nervion group (22 per cent), former club president Rafael Carrion (15 per cent) and Sevillistas Unidos 2020 (15 per cent).

In recent years, Sevilla’s finances have worsened significantly. The club’s 2023-24 losses were €81.8m and they took a €108m loan, organised by Goldman Sachs, in March 2024.

Ramos made his first team debut for Sevilla in February 2004 and moved to Madrid in the summer of the following year. He made 671 appearances for the club over 16 years, winning La Liga five times and the Champions League on four occasions.

He signed for Paris Saint-Germain in 2021 and spent two seasons in the French capital, before returning to Sevilla in September 2023.