(Bloomberg) -- Oaktree Capital Management is selling its stake in French second division football club Stade Malherbe Caen to a firm founded by star player Kylian Mbappe.
Mbappe’s Interconnected Ventures will hold a majority stake in the team through its investment firm Coalition Capital. Minority stakeholder PAC Invest — the investment vehicle of media businessman Pierre-Antoine Capton — will remain as a shareholder, according to a statement issued by the club on Wednesday.
An Oaktree representative didn’t immediately reply to requests for comment. Oaktree first invested in Caen in 2020, a season after the club had been relegated from France’s top league. French teams at the time were also dealing with the impact of the pandemic and a failed deal with Mediapro for its broadcasting rights of the top two divisions.
Earlier this year, the Los Angeles-based fund took over Italian champion Inter Milan after the club’s former owner failed to make good on debt payments. The firm, with $193 billion under management, is known for distressed debt investing.
Mbappe, 25, is considered one of the best players in the world and moved to European champions Real Madrid this year from Paris Saint-Germain. He joins other sports professionals investing in the football business, with Formula 1 driver Pierre Gasly taking a stake in French third division club FC Versailles earlier this year. Basketball star LeBron James has a stake in Fenway Sports Group, owner of Liverpool Football Club.
Coalition Capital was advised by Deloitte and law firm Bredin Prat, while Oaktree was advised by Tifosy Capital & Advisory and Freshfields Bruckhaus Deringer. PAC Invest was advised by Grandeur Company, Mayer Brown et Jeausserand Audouard, according to the statement.
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