(Bloomberg) -- RedBird Capital Partners is considering a potential sale of French football club Toulouse FC, people with knowledge of the matter said. 

The US investment firm is in the early stages of studying the feasibility of a sale of the team, according to the people, who asked not to be identified discussing confidential information.

New York-based RedBird, which acquired an 85% stake in Toulouse in 2020, has built a stable of sporting investments that also includes Italian football giant AC Milan.

Earlier this year, the footballing body UEFA looked into a possible conflict of interest stemming from both Toulouse and AC Milan potentially competing in the same European competition. UEFA ultimately cleared the clubs to play after they agreed to take steps to ensure they were run independently. Gerry Cardinale, RedBird’s founder, resigned from Toulouse’s board ahead of the UEFA ruling. 

Under RedBird’s ownership, Toulouse has been promoted to Ligue 1, France’s top football league. Ligue 1 is working to negotiate a new media rights deal, which will be an important contributor to club revenue and likely impact any potential valuation of Toulouse.

RedBird’s deliberations are ongoing and may not lead to a sale of Toulouse, the people said. A representative for RedBird declined to comment.

Owners of a number of European football clubs, including West Ham United FC and Tottenham Hotspur FC of the English Premier League, are currently exploring stake sales. Elsewhere in England, chemicals billionaire Jim Ratcliffe is moving toward acquiring a 25% stake in Manchester United Plc.

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