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PARIS FC BUYOUT SET TO ALTER LANDSCAPE
October 18, 2024
|The Straits Times
Ligue 2 club could gradually’ challenge PSG after Arnaults, Red Bull complete takeover
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French billionaire and LVMH chairman Bernard Arnault has teamed up with energy drinks company Red Bull to buy a controlling stake in French secondtier football club Paris FC, the Arnault family office said on Oct 17.
Agache, the Arnault family's holding company, and Red Bull have entered exclusive negotiations with owner Pierre Ferracci to buy a majority stake in Paris FC, with Red Bull seeking a minority holding, Agache said in a statement.
It did not provide financial details of the proposed deal.
A takeover of the French club would mark Arnault's latest foray into sports after LVMH signed a 10year sponsorship deal with Formula One in October and was one of the Paris Olympics' premium sponsors.
Those moves offer a new global stage to LVMH's powerhouse labels like Louis Vuitton and Dior, champagne-maker Moet & Chandon and watch brand Tag Heuer.
The proposed takeover continues a trend of billionaires buying football clubs across Europe, and could completely transform the footballing landscape in France, where Ligue 1 has been dominated by Paris Saint-Germain since their acquisition by Qatar Sports Investments in 2011.
هذه القصة من طبعة October 18, 2024 من The Straits Times.
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