The Leeds United midfielder is one of the people involved with Capital Albinegro, an investment group which has agreed a deal to take control of the Valencia-based side from current president David Cruz.
Reports in Spain say Hernandez, along with CD Lugo defender Angel Dealbert and local businessman Vicente Montesinos, finalised their takeover following the aftermath of the end of the Spanish season.
Castellon – a former top-flight side – currently play in the country’s fourth tier and are based in the city where Hernandez was born.
Dealbert began his career with Castellon and was a senior player there for almost a decade.
The new venture comes despite Hernandez extending his contract with Leeds to the end of next season.
The former Valencia playmaker was handed an extra 12 months at Elland Road after activating an appearance-related clause in the deal he agreed when he joined the club from Qatari side Al-Arabi.
Read more at: http://www.yorkshireeveningpost.co.uk/sport/football/leeds-united/leeds-united-pablo-hernandez-and-partners-put-pen-to-paper-on-spanish-club-buy-out-1-8592946