LVMH brands can choose to forge deals with Paris FC soccer club or not, Arnault family says
PARIS, Nov 20 (Reuters) -The Arnault family holding will not pressure LVMH LVMH.PA brands into forging partnerships with Paris FC once it acquires a controlling stake in the French capital's soccer club, Antoine Arnault, son of billionaire Bernard Arnault, said on Wednesday.
Instead, if brands want to do so, Antoine Arnault said he would put them in touch with the club but would not force them to strike a deal if it does not fit their brand strategy.
Arnault, who will represent Agache, the Arnault family's holding company, on the second-tier French soccer club's board, also said buying a controlling stake was a long-term investment.
"It's important, sports-wise, to do things gradually, to build, grow and improve by doing things gradually, step by step, without rushing," he told a press conference, adding: "We're in it for the long run."
The proposed takeover continues a trend of billionaires buying soccer clubs across Europe, while overhauling a Paris-based club that could potentially rival Ligue 1 champions Paris Saint Germain, owned by Qatar Sports Investments.
Paris FC have struggled to find a fan base, with the average attendance last season at just under 5,500 in their 19,000-capacity Charlety stadium despite tickets being free since last November.
Agache said last month that LVMH LVMH.PA Chair Bernard Arnault had teamed up with energy drinks company Red Bull to enter into exclusive talks to buy a controlling stake in the club.
Paris FC's current owner Pierre Ferracci told the same press conference that a deal was imminent.
Reporting by Mimosa Spencer and Vincent Daheron; Writing by Ingrid Melander; Editing by Emelia Sithole-Matarise
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
