LVMH brands can choose to forge deals with Paris FC soccer club or not, Arnault family says

The Arnault family holding will not pressure LVMH brands into forging partnerships with Paris FC once it acquires a controlling stake in the French capital’s soccer club, Antoine Arnault, son of billionaire Bernard Arnault, said on Wednesday.

Instead, if brands want to do so, Antoine Arnault said he would put them in touch with the club but would not force them to strike a deal if it does not fit their brand strategy.

Arnault, who will represent Agache, the Arnault family’s holding company, on the second-tier French soccer club’s board, also said buying a controlling stake was a long-term investment.

“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, adding: “We’re in it for the long run.”

The proposed takeover continues a trend of billionaires buying soccer clubs across Europe, while overhauling a Paris-based club that could potentially rival Ligue 1 champions Paris Saint Germain, owned by Qatar Sports Investments.

Paris FC 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.

Agache said last month that LVMH Chair Bernard Arnault had teamed up with energy drinks company Red Bull to enter into exclusive talks to buy a controlling stake in the club.

Paris FC’s current owner Pierre Ferracci told the same press conference that a deal was imminent.