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.