France’s Arnault family says buying Paris FC soccer club is long-term investment

PARIS :Billionaire Bernard Arnault’s family aims to gradually lift second-tier Paris FC to be among the elite of French soccer, with a strategy focused on training young players rather than poaching other clubs’ stars, it said on Wednesday.
The family is preparing to complete a deal to take over Paris FC later this month, continuing a trend of billionaires buying soccer clubs across Europe.
An overhaul could eventually turn the Paris-based club into a potential rival to Ligue 1 champions Paris Saint-Germain, owned by Qatar Sports Investments.
But Antoine Arnault, Bernard Arnault’s son, said the deal was not meant to disrupt France’s soccer landscape.
“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.
“We’re in it for the long run,” he said, adding that they aimed to build “France’s best (soccer) training academy.”
He declined to say exactly how much money the holding would put into the soccer club.
But he said media reports of at least 100 million euros, which could be pushed to 200 million if the club secures a spot in the top flight next season, were roughly in the right ballpark.
NO PRESSURE ON BRANDS
The deal potentially offers new opportunities in the sports world to LVMH’s powerhouse labels like Louis Vuitton and Dior, champagne-maker Moet & Chandon and watch brand TAG Heuer.
Arnault, who will represent Agache, the Arnault family’s holding company on the Paris FC board, said the holding will not pressure its LVMH brands into forging partnerships with the club.
Instead, if brands want to do so, Arnault said he would put them in touch with the club.
Paris FC, who are top of Ligue 2, 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.
Arnault said tickets would remain free until at least the end of the season.
“In Ligue 1, it’s a little more tricky,” he said, adding that some seats could remain free while sponsors seeking hospitality space would have to pay.
Paris FC’s current owner Pierre Ferracci told the same press conference that the deal was set to be completed shortly, around Nov. 29.
Red Bull would buy a minority share, bringing its expertise in sports management to the deal.
“We know what we can do but we also know what we can’t do,” Arnault said.
“We have certain skills in terms of organisation and management, but none in terms of managing a football team. Red Bull has very strong skills in terms of football.”
(Writing by Ingrid Melander; Editing by Emelia Sithole-Matarise)