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French top-flight soccer giants Olympique Lyonnais have secured a minority stake in local basketball outfit, Asvel, as part of a deal worth €3.7 million (US$4.21 million) spread across their men’s and women’s team assets, the Ligue 1 club have announced.
The agreement is a culmination of several months’ of talks, and sees Lyon take a 25 per cent stake in Asvel’s men’s team worth €3.4 million (US$3.87 million), as well as a 10 per cent stake in the women’s team worth €300,000 (US$340,000).
Under the terms of the deal, it has also been agreed that any additional shares that Lyon acquires from other shareholders of Asvel Basket SASP – the entity that incorporates the Asvel men’s team – will take place of their existing shares, during an initial five-year period.
Lyon confirmed in March that their management company, OL Groupe, had entered exclusive negotiations with the French Pro A club which were seeking an investor since gaining a wild card for the EuroLeague, European basketball’s top club competition, for the next two years. The announcement on 21st June confirms a deal has been reached nine days before the pair’s exclusive negotiating window expired.
The partnership will also seek to combine commercial activities between Asvel and the OL Groupe, including ticketing and sponsorship, and promises both Asvel’s men’s and women’s teams at least €2.5 million in annual revenue.
In return, Lyon will be granted international image rights to former National Basketball Association (NBA) player Tony Parker, who became the basketball outfit’s president after buying a majority stake in the club in 2014, and forms part of Lyon’s push into the US and China.
Lyon owner Jean-Michel Aulas has also assured Parker that Asvel will continue to play home games at the Astroballe, the sports arena in the Villeurbanne district of Lyon until the completion of OL Groupe’s new multi-purpose arena near the Lyon’s Groupama Stadium.
Once operational, Asvel plan to play some of their premium EuroLeague matches at the venue.
French top-flight soccer giants Olympique Lyonnais have secured a minority stake in local basketball outfit, Asvel, as part of a deal worth €3.7 million (US$4.21 million) spread across their men’s and women’s team assets, the Ligue 1 club have announced.
The agreement is a culmination of several months’ of talks, and sees Lyon take a 25 per cent stake in Asvel’s men’s team worth €3.4 million (US$3.87 million), as well as a 10 per cent stake in the women’s team worth €300,000 (US$340,000).
Under the terms of the deal, it has also been agreed that any additional shares that Lyon acquires from other shareholders of Asvel Basket SASP – the entity that incorporates the Asvel men’s team – will take place of their existing shares, during an initial five-year period.
Lyon confirmed in March that their management company, OL Groupe, had entered exclusive negotiations with the French Pro A club which were seeking an investor since gaining a wild card for the EuroLeague, European basketball’s top club competition, for the next two years. The announcement on 21st June confirms a deal has been reached nine days before the pair’s exclusive negotiating window expired.
The partnership will also seek to combine commercial activities between Asvel and the OL Groupe, including ticketing and sponsorship, and promises both Asvel’s men’s and women’s teams at least €2.5 million in annual revenue.
In return, Lyon will be granted international image rights to former National Basketball Association (NBA) player Tony Parker, who became the basketball outfit’s president after buying a majority stake in the club in 2014, and forms part of Lyon’s push into the US and China.
Lyon owner Jean-Michel Aulas has also assured Parker that Asvel will continue to play home games at the Astroballe, the sports arena in the Villeurbanne district of Lyon until the completion of OL Groupe’s new multi-purpose arena near the Lyon’s Groupama Stadium.
Once operational, Asvel plan to play some of their premium EuroLeague matches at the venue.
