Chinese, U.S. investors buy 80 % share in OGC Nice

A group of Chinese and American investors have purchased an 80% share in French Ligue 1 football club, OGC Nice, according to an official announcement posted on June 10th. Jean-Pierre Rivère will continue in his position as Club President and retains a 20% shareholding.

It is reported that the two principal investors are Alex Zheng, president of the hotel-owning Plateno Group, and Chien Lee, founder and chief executive of NewCity Capital. No financial terms have been disclosed as of now.

The investors Chien Lee, Nanyan "Alex" Zheng, Paul Conway and Elliot Hayes are set to become members of a Supervisory Board to represent the new ownership. The business operations of the club will still be in the hands of Jean-Pierre Rivère and General Manager Julien Fournier.

"Their arrival secures the future of the club and will provide the additional resources for continuation of our vision. While keeping its identity and guidance, OGC Nice will gradually reach new heights." said Club President, Jean Pierre Rivère.

Source: Yahoo Finance

Proofread by Sean O Diobhilin