diff --git a/src/company_cmd.cpp b/src/company_cmd.cpp
index e58d29b2b5..1c79c4b8a5 100644
--- a/src/company_cmd.cpp
+++ b/src/company_cmd.cpp
@@ -67,7 +67,7 @@ Company::Company(uint16 name_1, bool is_ai)
 	this->clear_limit     = (uint32)_settings_game.construction.clear_frame_burst << 16;
 	this->tree_limit      = (uint32)_settings_game.construction.tree_frame_burst << 16;
 
-	for (uint j = 0; j < 4; j++) this->share_owners[j] = COMPANY_SPECTATOR;
+	for (uint j = 0; j < 4; j++) this->share_owners[j] = INVALID_OWNER;
 	InvalidateWindowData(WC_PERFORMANCE_DETAIL, 0, INVALID_COMPANY);
 }
 
diff --git a/src/economy.cpp b/src/economy.cpp
index efea96806f..7f14bed8ad 100644
--- a/src/economy.cpp
+++ b/src/economy.cpp
@@ -324,10 +324,12 @@ void ChangeOwnershipOfCompanyItems(Owner old_owner, Owner new_owner)
 		Backup<CompanyID> cur_company2(_current_company, FILE_LINE);
 		const Company *c = Company::Get(old_owner);
 		for (i = 0; i < 4; i++) {
+			if (c->share_owners[i] == INVALID_OWNER) continue;
+
 			if (c->bankrupt_value == 0 && c->share_owners[i] == new_owner) {
 				/* You are the one buying the company; so don't sell the shares back to you. */
-				Company::Get(new_owner)->share_owners[i] = COMPANY_SPECTATOR;
-			} else if (c->share_owners[i] != INVALID_OWNER) {
+				Company::Get(new_owner)->share_owners[i] = INVALID_OWNER;
+			} else {
 				cur_company2.Change(c->share_owners[i]);
 				/* Sell the shares */
 				CommandCost res = DoCommand(0, old_owner, 0, DC_EXEC | DC_BANKRUPT, CMD_SELL_SHARE_IN_COMPANY);