While it has just moved to first place in the French football championship, the Lille club could change owners. Almost four years after having bought the Lille olympique sporting club (LOSC) from Michel Seydoux, the Spanish-Luxembourg businessman Gerard Lopez is said to be on the verge of selling, under pressure from the American investment fund Elliott Management, his main creditor.
“I analyze the buyback offer that I received”, wrote Wednesday, December 16 to AFP Gerard Lopez, specifying that if the sale was carried out he would withdraw “Totally” of the northern club. The Spanish-Luxembourgish businessman confirmed the ongoing discussions revealed by The teamearlier today with an investment fund domiciled in Luxembourg, Merlyn Partners.“The financial situation of LOSC is worrying but Gerard Lopez has always found solutions until then”, a source close to the club told AFP on condition of anonymity.
Drained financial resources
Sports daily The team notably cited a document in which Gérard Lopez outlines the sale to Merlyn Partners, an investment company established in Luxembourg. “I am happy that the work we have done and the sporting successes we have achieved in Lille are recognized by foreign investors in these difficult times for French football”, he explains in this text, adding to rejoice “Of Merlyn’s interest in the club”. Merlyn Partners explains for its part “Having approached Gérard Lopez with an offer to take over the club as a majority shareholder”.
Gerard Lopez, who borrowed 225 million euros from Elliott, is said to have repaid only 102 million. However, with the Covid-19 epidemic, financial resources have dried up. The situation of French clubs has worsened with the non-payment of television rights by Mediapro, the broadcaster of the French championship, which will cease its activities at the end of the year. This context would have pushed Elliott to put pressure on Gérard Lopez, who would have resolved to give up the club. Merlyn Partners says she wants “Bring the club a stable financial situation in order to help it cope in particular with the financial impact of the covid and the uncertainty surrounding the contract for TV rights”.
