French billionaire and LVMH chairman Bernard Arnault has partnered with Red Bull to enter exclusive negotiations over buying Paris FC. Agache, the holding company of France’s richest man Arnault, is in discussions over purchasing a majority stake in the French club.

France’s capital city might finally be about to have a second major soccer club, and a challenger to Paris Saint-Germain (PSG), with a takeover of Paris FC by the country’s richest family along with energy drinks giant Red Bull expected to be announced in the coming days.

By Julien Pretot and Mimosa Spencer PARIS (Reuters) -French billionaire and LVMH chairman Bernard Arnault has teamed up with energy drinks company Red Bull to buy a controlling stake in French second-tier soccer club Paris FC,

The Arnault family, owners of the LVMH luxury goods conglomerate, are in "exclusive negotiations" to buy a controlling stake in French football club Paris FC in a deal that will see energy drinks giant Red Bull secure a minority shareholding.

The Arnault family and Red Bull have entered exclusive negotiations with Paris FC for the purchase of the Ligue 2 side according to a press release sent by Financière Agache (a subsidiary holding

The holding is expected to acquire a 55 percent stake in the Paris FC soccer club that would then grow to 85 percent once current owner and president Pierre Ferracci retires.