(Bloomberg) -- Debtholders in Sporting Lisbon are looking to sell out of the historic Portuguese soccer club that unearthed global superstar Cristiano Ronaldo, according to people familiar with the matter.

Lenders Novo Banco SA and Banco Comercial Portugues SA are working with Rothschild & Co. to seek new buyers for the debt they hold in Sporting Clube de Portugal and Sporting Clube de Portugal Futebol SAD, entities that control the club, the people said.

Some of the debt will convert into equity should it fail to be repaid in 2026, the people said, asking not to be identified discussing confidential information.

Representatives for BCP, Novo Banco and Rothschild declined to comment, while spokespeople for Sporting Clube de Portugal Futebol SAD didn’t immediately respond to requests for comment.

Sporting Lisbon is one of Portugal’s Big Three teams, alongside FC Porto and SL Benfica. The club has just won its 23rd Primeira Liga title and its first in 19 years. Founded in 1906, the club is a model soccer factory, discovering and developing young talent before selling these players on to bigger clubs of hefty fees.

Last year, it sold Portuguese international Bruno Fernandes to Manchester United FC in a roughly 80 million-euro ($98 million) deal. Its most famous export is perhaps Ronaldo, who joined Manchester United in 2003 and has gone on to become one of the game’s greatest-ever players.

Off the field, Sporting Lisbon and other Portuguese teams have struggled to fix their finances after years of mismanagement and a legacy of debt, dating back to the 2004 European Championships when clubs built expensive new stadiums.

And despite being a breeding ground for stars of the future, Portugal’s Primeira Liga sits outside the big five soccer leagues in Europe, meaning broadcast revenue is modest compared with top divisions in the likes of the U.K. and neighboring Spain. Sporting Lisbon doesn’t rank among Europe’s top 30 teams by revenue, according to Deloitte.

The club will get an earnings boost after its recent Primeira Liga triumph, which guarantees entry to the lucrative UEFA Champions League tournament next season. In 2018, Sporting Lisbon’s failure to qualify for the competition contributed to an angry mob invading its training grounds and assaulting players and staff. The incident led to a number of players leaving.

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