French billionaire and LVMH chairman Bernard Arnault has partnered with Red Bull to enter exclusive negotiations over buying Paris FC.
Agache, the holding company of France’s richest man Arnault, is in discussions over purchasing a majority stake in the French club. Red Bull is advising Agache and is also in negotiations to buy a minority stake.
A press release from Paris FC states Agache has ambitions to “sustainably establish the men’s and women’s teams among the elite of French football and in the hearts of Parisians.”
Agache will provide “entrepreneurial vision” in addition to expertise in “economic development and brand influence”, while Red Bull will act in an advisory role in the sporting side of the business.
Paris FC’s men’s side are top of Ligue 2 and last competed in Ligue 1 in 1979. The women’s team are fourth in Division One Feminine and reached the group stages of last season’s Champions League. The club was initially part of a merger when Paris Saint-Germain formed in 1970, but they split from the club two years later and re-established themselves as a separate entity.
PSG are the only club from the French capital competing in Ligue 1 — in contrast, London has seven top-flight men’s sides this season and Madrid five.
GO DEEPER
London has several major football clubs. Why does Paris only have one?
Bernard Arnault has a net worth of $163.9billion (£126.06bn), according to Forbes, and is the world’s fifth richest person. The 75-year-old is the founder, chairman and CEO of LVMH, the Paris-based luxury goods company that owns brands including Louis Vuitton, Dior and Tiffany.
“With our support, as well as the precious support of our partner Red Bull, we are hopeful that, gradually, we will write a beautiful chapter of French football together, without setting specific objectives at this stage,” said Antoine Arnault, who is set to become a representative of Agache on the Paris FC board of directors.
Red Bull already owns a number of clubs worldwide, which include RB Leipzig, Red Bull Salzburg and New York Red Bulls, and also has a minority stake in Leeds United. It was announced this month former Liverpool head coach Jurgen Klopp will become Red Bull’s new global head of soccer.
GO DEEPER
Why Red Bull bought sports teams — and the impact on them
Oliver Mintzlaff, Red Bull managing director and CEO of corporate projects and investments, added: “We want to offer our experience and know-how to open up new sporting horizons for Paris FC. Paris and the Ile de France region are a breeding ground for exceptional football talents who must first train and grow in a club in their region.”
As part of the proposed takeover, Paris FC president Pierre Ferracci and the existing structures at the club will help ensure the club’s colours, crest and identity “are respected.” Ferracci will remain a club shareholder.
“The arrival of Agache in our club, supported by Red Bull, as the new owner is a unique opportunity that I immediately accepted and welcomed with the greatest enthusiasm,” Ferracci said.
The takeover is subject to the finalisation of legal documents and the approval of France’s professional clubs control committee.
Since 2020, Paris FC have been 20 per cent owned by by the Kingdom of Bahrain, who also act as the club’s main sponsors.
GO DEEPER
Paris FC – a united club ready to cause more Champions League upsets
(Geoffroy Van Der Hasselt/AFP via Getty Images)
