France’s richest family, the Arnaults of the luxury group LVMH, announced their plan to buy the second-division soccer club Paris FC on Thursday. They aim to help the club move up to the top league.
This is a big change for soccer in France, as it brings significant wealth to a potential competitor in the French capital against the leading Ligue 1 team, Qatar-owned Paris Saint-Germain.
A statement from the Arnault family’s holding company, Agache, said they will become the main shareholder of the club. Energy drink company Red Bull will also join as a minority stakeholder.
The statement did not mention the financial details of the deal, which still needs legal and other paperwork to be completed.
However, the billionaire family’s company plans to provide the club “with the necessary resources” and aims “to permanently establish the men’s and women’s teams among the elite of French football and within the hearts of the Parisians.”
More broadly, the takeover of the club, which features a unique blue-and-white Eiffel Tower logo, could help Paris build on the sporting excitement from the upcoming Paris Olympics and change its current status as somewhat unusual in European soccer.
Even though Paris is a hub for fashion, finance, luxury, and entertainment, it has only one top-flight soccer team: the dominant PSG.
The former club of superstar Kylian Mbappé has won Ligue 1 12 times, with 10 of those titles coming after Qatar began investing in the club in 2011.
In contrast, London has seven Premier League clubs this season, while Madrid and its surrounding areas have five clubs in La Liga. Rome has two clubs that share the Stadio Olimpico.
This situation is surprising, especially since the Paris area has a strong history of producing soccer talent, with stars like Mbappé, Thierry Henry, N’Golo Kante, and Paul Pogba coming from the capital’s neighborhoods and youth clubs.
The Arnault family’s takeover of Paris FC could eventually provide future French stars with more opportunities to stay in their home country rather than moving to other more successful leagues in Europe.
The family is expected to initially hold a 55% stake, while Red Bull will have about 15%, leaving the current owner, Pierre Ferracci, with the remaining shares for now. Ferracci will continue as the club president.
“The history and the evolution of Paris FC embody a different side of football in the capital. With Agache becoming the club’s main shareholder, it will enter a new phase with new goals and success criteria,” the family company’s statement said.
Founded in 1969, Paris FC’s men’s team has not yet achieved any major success, but it is currently at the top of the second-division standings.
The women’s team already competes in the top-tier Première League. Red Bull will mainly serve as a sports advisor, helping to find young talent for the training center and identifying the best players to recruit.
This month, Red Bull announced that former Liverpool coach Jürgen Klopp will take on the role of head of global soccer starting in January, managing its network of clubs around the world.
Agache will bring “its entrepreneurial vision and expertise in economic development and brand influence over the long term.”
LVMH leader Bernard Arnault is one of the richest people in the world, with an estimated wealth of over $150 billion.
His son Antoine Arnault, who will represent the family on the Paris FC board, said, “Football has long been a great passion for us.
“We are very hopeful that, gradually, we will together write a new and exceptional chapter in French football history, without setting any specific objectives at this stage.”
