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French soccer league receives some 10 offers for slice of media rights

French soccer league receives some 10 offers for slice of media rights
French soccer league receives some 10 offers for slice of media rights   -   Copyright  Thomson Reuters 2021
By Reuters

PARIS – The French football league said on Tuesday it had received around 10 preliminary, non-binding offers for a minority stake in a new media rights company it is setting up as the country’s soccer clubs seek to shore up their finances.

In a statement, it said it aimed to draw up a shortlist of candidates in the next few days.

A source close to the discussions said some of the bidders, which comprise top private equity funds, were willing to invest 1.5 billion euros ($1.69 billion) for a 10% to 15% stake in the new media rights company, in line with the League’s valuation target.

The source said three or four funds will be shortlisted for the next stage of the sale process, with binding offers expected by the end of February or early March, 2022.

Reuters reported earlier this month that buyout funds including CVC Capital Partners and Bain Capital, Advent, Apollo, Bridgepoint, EQT, KKR and Silver Lake were among those interested in making a first-round offer.

The deadline for preliminary bids expired on Monday night.

The source said the Ligue was confident about the rest of the sale process given the quality of preliminary bids.

($1 = 0.8870 euros)