Italian businessman Gabriele Volpi takes control of FC Rijeka

An Italian businessman has signed an agreement to buy a majority stake in Croatian football first division club Rijeka in the next three years, local authorities said Saturday.

Gabriele Volpi will own 70 percent of the club once he pays 5.4 million euros ($7 million) in three annual installments, including an imminent two-million euro payment of debts to players and employees, authorities in the northwestern town said.

Rijeka are seventh in the Croatian league which has been dominated by Dinamo Zagreb since 2006.

Volpi already owns Italian waterpolo club Pro Recco in the northwestern Recco.