Recently relegated French side Toulouse have agreed on a deal with investment company RedBird Capital Partners which will see the firm acquire a 85 per cent stake in the club.
Oliver Sadran who was the owner of Toulouse stepped down as majority shareholder selling 85 per cent to RedBird Capital Partners, although still retaining a 15 per cent stake and will remain on the Board of Directors.
RedBird and founder of it Gerald Cardinale have US$4 billion of equity and have had investment partners such as the New York Yankees, the Dallas Cowboys and the US National Women’s Soccer Team.
Gerry Cardinale said in a statement: “We are proud and excited to help write the next chapter of Toulouse FC and realize its tremendous potential.”
“We are committed to building a sustainable, long-term foundation for the Club’s success by enhancing its on-field sporting performance, business operations and contributions to its community. We look forward to working closely with Olivier, the City of Toulouse and the Occitanie Region to return Toulouse FC to an elite level and elevate the entire city of Toulouse through its long-term success.”
Oliver Sadran added: “I welcome Gerry and RedBird as new partners in an organization and a city that are big parts of my life. I am also pleased that RedBird has brought Damien to Toulouse as a key member of our leadership team.”
“Damien is a well-respected colleague in the Football world. After getting to know Gerry, Damien and the team at RedBird, I am confident that together we have the energy, expertise and resources to take the Club to the next level. I look forward to working alongside them and sharing the pleasure of winning.”
Damien Comolli, newly appointed President of the club commented: “I am thrilled and honoured to lead Toulouse FC as its new President. Toulouse is an extraordinary city with a football club that has the opportunity and ability to succeed.”
“We recognize the unique talent this city has and plan to commit continued focus towards youth development throughout the region. The Club has great potential and I am looking forward to working with our players, staff and RedBird to execute upon our plan to build a stronger future for the Club.”
Comolli has had numerous senior management roles in football, some clubs he has been involved with are Liverpool, Arsenal, Tottenham, Fenerbahçe and Saint-Etienne.
Author: Bradleigh Amis