Mbappé takes first step into club ownership when his company buys second-division French team Caen

By: The Associated Press Posted: 8:06 AM CDT Wednesday, Jul. 31, 2024 Last Modified: 1:14 PM CDT Wednesday, Jul. 31, 2024

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CAEN, France (AP) — French soccer great Kylian Mbappé took his first step into club ownership on Wednesday when his company completed a takeover of second-division team Caen.

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CAEN, France (AP) — French soccer great Kylian Mbappé took his first step into club ownership on Wednesday when his company completed a takeover of second-division team Caen.

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This article was published 31/07/2024 (795 days ago), so information in it may no longer be current.

CAEN, France (AP) — French soccer great Kylian Mbappé took his first step into club ownership on Wednesday when his company completed a takeover of second-division team Caen.

Interconnected Ventures, a company founded by the Real Madrid striker, bought a majority stake in the French club based in Normandy through its investment arm, Coalition Capital.

“This transaction marks a significant step in the club’s strategic development and reinforces its natural ambition to remain among the historic (teams) in French soccer,” Caen said in a statement.

Kylian Mbappe, of France, leaves at the end of a news conference after being presented to fans as a new Real Madrid player at the Santiago Bernabeu stadium in Madrid, Tuesday, July 16, 2024. (AP Photo/Andrea Comas)

Coalition Capital replaces the previous majority shareholder, American investment fund Oaktree. Financial details of the transaction were not given by Caen, but reports said Coalition Capital purchased 80% of the club for 15 million euros ($16.3 million).

“As the main investor in this project, we are very enthusiastic about the idea of continuing the development of Caen, with PAC Invest,” Interconnected Ventures CEO Ziad Hammoud said. “Our shared vision with the club of sporting excellence and community engagement are at the heart of our approach. We are determined to create an environment where young talents can flourish.”

Caen finished sixth in the second division last season.

Mbappé signed a five-year contract with Real Madrid in July after seven years with Paris Saint-Germain.

Mbappé scored in the final when France won the 2018 World Cup, and he scored a hat trick in the team’s loss to Argentina in the 2022 final. He wore a protective mask at this year’s European Championship after breaking his nose.