Business of Sports · SOCCER
Nantes Ends Phenix Capital Takeover Talks Over Financial Guarantees
The club says the prospective buyer failed to supply the guarantees and documentation required.
FC Nantes owner and president Waldemar Kita has ended talks to sell the club to Phenix Capital. In an October 22 statement, Nantes said the prospective buyer had failed to provide the promised financial guarantees and complete the documentation needed for approval by the DNCG, French soccer’s financial oversight body.
The club said exclusive negotiations began September 28. Despite repeated requests and extensions, the buyer and its advisers had not supplied the required material, according to Nantes. It said the sale agreement had consequently lapsed and Kita had decided to stop all discussions.
Kita said his priority was the club’s stability, development and employees. He said the proposed takeover did not offer sufficient assurances for the club’s future.
The announcement comes during Nantes’ Ligue 2 season. The club’s current standings summary lists Nantes 14th with eight points from nine matches. Its next league game is away at Saint-Étienne on Saturday, October 24.
Sources and notes
- Source: FC Nantes’ October 22 statement.
