(Bloomberg) — Antoine Arnault, the scion of the LVMH luxury empire led by his father, plans to turn second-tier football club Paris FC into a rival for Qatar-backed Paris Saint-Germain. The glamor of Arnault’s takeover comes at a much needed time for French football, which is struggling with poor finances, an underwhelming media deal and constant infighting. “The prospect of being able to build and develop a brand like Paris FC, with the Paris name as part of the brand, also counts for a lot,” Arnault said at a press conference on Wednesday.
“It’s an opportunity we will seize.” Paris FC, founded in 1972, is currently the leader of France’s Ligue 2, one step below the top league. The Arnault family is investing through its holding company Agache, and will own 52% of the club after the upcoming closing of the deal, a stake that will reach 80% in three years.
Arnault said the investment would be significant, but declined to give a number. Newspaper l’Equipe reported a budget in a range between €100 million ($105 million) and €200 million over several years. LVMH, the Paris-based luxury empire spanning from fashion to spirits, has made Bernard Arnault, the world’s fifth richest person in the world according to the Bloomberg Billionaires index.
LVMH has been steadily deepening its investment linked to sporting events. It was a major sponsor of the Olympic and Paralympic Games held in Paris over the summer, and Louis Vuitton a sponsor of the sailing race Ame.
