American firm buys 85% stake in French soccer club Toulouse

Posted July 20, 2020 7:00 am

The Associated Press

TOULOUSE, France (AP) - American investment firm RedBird Capital Partners has agreed to buy an 85% stake in struggling French soccer club Toulouse, the sides said Monday.

Olivier Sadran, who had been club president since 2001, will retain a 15% stake in his hometown club.

Financial terms of the sale were not disclosed. The sides had been negotiating since May, when RedBird Capital founder Gerry Cardinale confirmed the takeover bid.

RedBird Capital immediately appointed Damien Comolli as president. Comolli previously held strategic roles at Arsenal, Tottenham and Liverpool.

Toulouse was relegated to the second division after finishing last this season. The season ended early with 10 rounds remaining because of the coronavirus pandemic.

'œWe are proud and excited to help write the next chapter of Toulouse FC and realize its tremendous potential,'ť Cardinale said in a statement.

Sadran, who will remain on the club's board of directors, said the club and city are 'œbig parts of my life.'ť

Comolli said he is 'œthrilled and honored'ť to lead Toulouse.

'œWe recognize the unique talent this city has and plan to commit continued focus towards youth development throughout the region,'ť said Comolli, a Frenchman who has also worked for Monaco and Saint-Etienne.

___

More AP soccer: https://apnews.com/Soccer and https://twitter.com/AP_Sports

Article Comments

Article Categories
Content Providers MLS Pro Sports Soccer Sports Sports Leagues Sports Types

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.