French club Bordeaux bought by American investment fund GACP
Paris (AFP) –
American investment fund GACP has completed its takeover of Ligue 1 club Bordeaux for 100 million euros ($114 million), the team's previous owners announced Tuesday.
French media company M6, which had owned the club since 1999, said in a statement that it had "finalised" the transaction.
The deal brings an end to lengthy negotiations that had lasted several months, which saw the sale put on hold for 15 days in October.
Bordeaux, who sit 11th in the Ligue 1 table, elected former Paris Saint-Germain assistant director general Frederic Longuepee as their new club president last month.
The Girondins are not the first French club to be taken over by Americans, as Paris Saint-Germain were owned by California-based investment fund Colony Capital between 2006 and 2011 before being bought out by their current Qatari owners.
"With our future CEO Frederic Longuepee, the players, the fans and the city of Bordeaux, we look forward to working with this great club to help it reach its potential," said GACP owner Joseph DaGrosa.
© 2018 AFP