LVMH's Arnault, Red Bull in talks to buy French club Paris FC

17.10.2024 - 13:21 channelnewsasia.com

PARIS :French billionaire and LVMH chairman Bernard Arnault has teamed up with energy drinks company Red Bull to buy a controlling stake in French second-tier soccer club Paris FC, the Arnault family office said on Thursday.Agache, the Arnault family's holding company, and Red Bull have entered exclusive negotiations with current 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 10-year sponsorship deal with Formula One this month and sponsored the Paris Olympics.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 soccer clubs across Europe, while overhauling a Paris-based outfit that could eventually rival Ligue 1 champions Paris Saint Germain, owned by Qatar Sports Investments.

Agache and Red Bull aim to provide Paris FC "with the necessary resources to ... permanently establish the men's and women's teams among the elite of French football and within the hearts of the Parisians," Agache added. "With the arrival of Agache as the club's majority shareholder, the club will take on a new dimension with new goals and criteria for success."Agache said Red Bull, which already has a portfolio of clubs in South America, the United States, Austria and Germany, would mainly be involved in an advisory role, helping the club identify young talent or established players "to gradually return the men's team to the elite of men's football."Earlier

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