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Investment Funds Say French League Approves Disputed Financing Model

Three investment funds said that the French football league "has given them permission to give financing to teams in exchange for sharing a player’s transfer fee, a system that some sports bodies have frowned upon," according to Alex Duff of BLOOMBERG. The model "is a variation on so-called third party ownership," which UEFA "objects to because of ethical concerns." Execs at Manchester-based R2 Asset Management Ltd., Malta-based Doyen Sports Investments Ltd. and Fairplay Capital Sicav SA in Luxembourg said that "they have the league’s consent to broker deals under which they can receive part of a player’s future transfer fee on top of interest." French league spokesperson Charles-Herve Petit "declined to comment on any communications it has had with the funds." The funds "are seeking to make a profit" from the $4B European transfer market that increased sevenfold in value since '95 as clubs such as Man City and Paris St. Germain "racked up losses to chase success." Laurent Pichonnier, a partner of Luxembourg-based Fairplay Capital, which is seeking to raise as much as €150M ($193M) to invest, said, "The transfer market figures are terrific." UEFA did not "immediately respond to a request for comment on the methods used by the funds in France" (BLOOMBERG, 9/18).

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