American Businessman Foster Gillett is set to acquire a majority stake in Top French Soccer Club -Olympique Lyonnais

The upcoming 2022 FIFA World Cup in Qatar is not the only football news story. French Ligue 1 soccer club Olympique Lyonnais (Lyon) is up for grabs, and a few US businessmen have shown interest in acquiring the team. Earlier this month, the media revealed that Foster Gillett made a $636 million offer for the football club.

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The former director of Liverpool F.C was the prime candidate to take over the majority share in Lyon until rival John Textor muddied the waters after placing an $800 million deal on the table, forcing the current owner and team president Jean-Michel Aulas to reevaluate the options.

It is the newest chapter in the three-month saga, which started after minority shareholders IDG Capital Partners and Pathé revealed plans to sell their 20% stake in the team. Their move motivated longtime owner Jean-Michel Aulas to decide to sell his 30% share and entrust the future of the club to somebody else.

Lyon is a team with a solid reputation and a trophy-rich collection. The eighth place in the 2021/22 season is disappointing, considering the team won seven successive titles from 2002 until 2008. The last big success was the 2012 title in the Coupe de France. However, League 1 is still a major player in French football with millions of fans eagerly keeping their eyes on the team's odds.

Second Foray Into the Professional Soccer World

The Gillett family has a long history of managing sports teams. Foster’s father, George Gillett, was an owner of the NHL team Montreal Canadiens, co-owner of Liverpool F.C. for three years, and had a controlling interest in the NASCAR team Gillett Evernham Motorsports.

Over the years, George Gillett had shown interest in acquiring several other clubs, and it's obvious Foster shares his father's passion. Recently it was reported that Foster was actively attempting to buy a soccer club in Europe. Obviously, the opportunity to get a majority stake in Lyon was hard to ignore.

If the deal with Lyon goes through, this will not be the first time Foster managed a club after his previous three-year tenure as a director of Liverpool F.C. However, fans of the club were not happy with his management style. It’s believed that the current president of Lyon, Jean-Michel Aulas, will stay in the position for the next three years, helping with the transition.

Foster’s day job is as a manager at Booth Creek Management Corporation. The company specialized in the administration of ski resorts.

The Other Bidder

Ownership of Premier League Crystal Palace F.C, Belgian RWD Molenbeek, and Brazilian Botafogo de Futebol e Regatas is insufficient for American tycoon John Textor. The chairman of fuboTV is also eyeing Lyon and has made a tempting offer of $800 million. Textor’s name got mentioned at the start of the bidding war for the French football club.

After rumors surfaced that the talks with Foster stalled, Textor started gaining more traction, a report confirmed by club officials. The reported bombastic sum may not be accurate. There have been reports that Textor was initially a runner-up for the purchase because of a lower price. Nevertheless, he may come on top because of stronger guarantees to deliver the funds than Foster has been able to offer. The weeks ahead will reveal the truth and the new owner.

American Capital Conquers European Soccer

Soccer may not be popular in North America, but US businessmen are increasingly investing in renowned European football clubs. There has been a wave of acquisitions in past years from US billionaires, and the tempo will not subside soon. Even NBA star LeBron James has a small share of Liverpool F.C.

Several renowned European football clubs changed owners this year. The stage was set by US investment group RedBird Capital's purchase of Italian AC Milan. The Rossoneri were sold for $1.3 billion.

A sum that seems a loose change compared to the acquisition of Chelsea F.C by US financiers Todd Boehly, Mark Walter, and Swiss Hansjörg Wyss for $5.2 billion. This is just a continuation of an old trend, revamped in 2020 by the Friedkin Group consortium buying AS Roma, making Thomas Dan Friedkin the new president of the Italian team.

US investors have broadened the scope in the past couple of years, considering they traditionally gravitated to the British Isles. At last count, 11 clubs from the Premier League were owned by American businessmen, fully or partly. Some heavyweights include Arsenal owner Stan Kroenke and Malcolm Glazer, owner of Manchester United.

A New Chapter for Lyon

The ongoing talks for the new owner of Lyon will be resolved soon. Forest Gillet can acquire the team, but it will not be a surprise if John Textor wins the battle for Lyon. In any final scenario, the new owner will have to infuse $100 million into the club and reinvigorate the team.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes