Chinese hi-tech company Ledus on Monday moved a step closer to taking over French second-division soccer club FC Sochaux from carmaker Peugeot, signing paperwork that could pave the way for an outright purchase by next season.
The seven-million-euro ($7.9 million) deal was set in motion in February by Hong Kong-listed electrical components manufacturer Ledus, a subsidiary of Tech Pro.
Sochaux said Monday’s joint signature validates terms of the letter of intention signed in February and confirmed the planned transfer of 100 percent of the club’s shares, describing it as “another step” for the two parties.
“The terms of this agreement fully meet the objectives set by the current shareholders, of looking for a robust and sustainable project, and should enable Sochaux to have financial resources consistent with the legitimate sporting ambitions of the club,” it said in a statement.
Tech Pro chairman Li Wing-Sang said in April he planned to make no big changes to the club set up by Peugeot in 1928 for its workers, and described it as a fabulous brand.
Peugeot has in recent times focused on auto racing and tennis, while Sochaux, who have spent a record 66 seasons in the French top-flight, were relegated last year into Ligue 2.
Sochaux’s Auguste-Bonal stadium stands beside a Peugeot factory that still employs 10,000 workers. – Agence France-Presse