American Marconi Wireless News - Arnault family to complete Paris FC takeover 'in coming days'

The Arnault family will become the majority shareholders of Paris FC, with energy drinks giant Red Bull also acquiring a minority share, once the necessary administrative procedures have all been finalised.

Paris FC president Pierre Ferracci said a general assembly will be held on November 29, when a new board of directors will be approved.

Antoine Arnault, the son of the CEO of the LVMH luxury goods conglomerate, said that the club "will belong to my family", adding that it "will not be a shared property of the Arnault family and Red Bull".

He added that Paris FC will not come under Red Bull's multi-club ownership model, which includes German team RB Leipzig and Austria's Salzburg.

No figures have yet been released about the size of the acquisition or the projected investment.

However, Antoine Arnault shared that the new owner's primary ambition will be overseeing Paris FC's promotion to France's Ligue 1 from the second division -- of which they are currently the leaders.

Promotion would mean that for the first time in over 30 years there would be two clubs from the French capital in the top flight, with Paris FC joining powerhouses Paris Saint-Germain.

In order to compete with France's -- and eventually Europe's -- top teams, the Arnault family will make a "substantial" investment but also rely upon the footballing expertise of Red Bull, with Antoine Arnault sharing that he had already had conservations with the Austrian company's new head of football Jurgen Klopp.

But the 47-year-old insisted that there would be no short-cuts to success or immediate rivalry with Qatar-owned PSG, and that his family were in it for the long term, promising a commitment over a period of "at least 10, 15 or 20 years".

"We're not here to change everything, or to flip the table," he said. "That's very important, because in football there are no magic solutions."

Following next week's assembly, the Arnault family will own 52 percent of the club, Red Bull 11 percent, and the rest will be split between different minority shareholders, including mobile phone operator Lycamobile and Ferracci's Alter Paris company.

In 2027, Ferracci, who has been at the helm of the club since 2012, will leave and the Arnault family's share will increase to around 80 percent. Red Bull's will grow to 15 percent.

P.Costa--AMWN