Arnault family set to take over Paris FC

PARIS — The family of France's richest person, Bernard Arnault, will purchase a controlling stake in Paris FC "in the coming days", the Ligue 2 club's president said during a news conference on Wednesday.

The Arnault family, via its Agache holding company, is set to become the majority shareholder of Paris FC, with energy drinks giant Red Bull also acquiring a minority stake.

Paris FC president Pierre Ferracci said a general assembly will be held on Nov 29, when a new board of directors will be approved.

Antoine Arnault, whose father Bernard is CEO of the LVMH luxury goods conglomerate, said that the club "will belong to my family", adding that it "will not be a shared property of the Arnault family and Red Bull".

He added that Paris FC will not come under Red Bull's multi-club ownership model, which includes German team RB Leipzig and Austria's Salzburg.

Following next week's assembly, the Arnault family will own 52 percent of the club and Red Bull will take 11 percent.

The rest will be split between different minority shareholders, including mobile phone operator Lycamobile and Ferracci's Alter Paris company, which will maintain a 30 percent stake.

In 2027, Ferracci, who has been at the helm of the club since 2012, will leave, and the Arnault family's share will increase to around 80 percent. Red Bull's will grow to 15 percent.

No figures have yet been released about the size of the pending acquisition or the projected investment.

However, Antoine Arnault shared that the new owner's primary ambition will be overseeing Paris FC's promotion to France's Ligue 1 from the second division — of which it is the current leader.

Promotion would mean that for the first time in over 30 years there would be two clubs from the French capital in the top flight, with Paris FC joining powerhouse Paris Saint-Germain.

In order to compete with France's — and eventually Europe's — top teams, the Arnault family will make a "substantial" investment, but also rely upon the soccer expertise of Red Bull, with Antoine Arnault sharing that he had already had conversations with the Austrian company's new head of soccer, former Liverpool boss, Jurgen Klopp.

But the 47-year-old insisted that there would be no short-cuts to success or immediate rivalry with Qatar-owned PSG.

AFP