France’s richest family shaking up soccer with planned purchase of second-tier Paris FC
PARIS (AP) — France’s richest family, the Arnaults of luxury empire LVMH, announced the planned purchase of second-division soccer club Paris FC on Thursday.It’s a major shakeup for the sport in France, putting vast wealth behind a potential challenger to the dominant Ligue 1 team of recent years, Qatar-funded Paris Saint-Germain.A statement from the Arnault family's holding company, Agache, said it will become the club's majority shareholder. Energy drink giant Red Bull will come aboard with a minority stake.The statement didn’t give a monetary figure for the deal, which remains subject to completing legal and other paperwork. But the billionaire family's company intends to provide the club
17 Oct 12:44 · iNFOnews.ca