France's richest family in talks to buy Paris FC football club

The family holding company of France’s richest man, the luxury goods tycoon Bernard Arnault, on Thursday said it was entering into “exclusive negotiations” to buy a majority stake in Ligue 2 football side Paris FC.

Energy drinks giant Red Bull has also entered talks to acquire a “minority stake” in the club, the Arnault family holding company Agache said in a statement, unveiling a move that could shake up France’s football landscape.

Under the terms of the deal, the Arnault family would initially hold 55 percent of the club and Red Bull 15 percent, according to a source close to the matter who asked not to be named.

The president of Paris FC since 2012, businessman Pierre Ferracci, 72, would keep 30 percent of the capital before selling his shares in 2027 to the Arnault family, who would then own 85 percent of the club, according to the same source.

“With the arrival of Agache as the majority shareholder of the club, the club will change dimension and aim for new successes”, the statement said.

The holding company “intends to gradually bring the men’s team back into the elite of men’s football” with “the same ambition” for the women’s team, which already plays in the first division.

Arnault, one of the world’s richest people, heads the LVMH luxury conglomerate but has also moved to build the empire in other directions, notably taking control of the Paris Match weekly magazine.

The acquisition could completely transform the footballing landscape in France, where the domestic league has been dominated by Paris Saint-Germain since their acquisition by Qatar Sports Investments in 2011.

(AFP)