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Volume 6 No. 211


French Rugby Federation (FFR) VP Serge Blanco announced the organization would issue debentures of €150M ($194M) to finance part of its future stadium at Ris-Orangis, according to L’EQUIPE. The new stadium’s total cost is estimated at €600M ($777.5M). Based off the British model, these debentures will not accrue interest but will give individuals loaning their money 12 to 15 years of priority when it comes to buying tickets to games taking place at the new stadium. However, before any of this takes place, the FFR must obtain the agreement of the clubs and the AMF, the stock market regulators in France. The organization will need clearance from the AMF as the procedure “is a first in France.” If the Federation gets €150M in debentures, it could then borrow €400M ($518M) from banks, knowing that it will bring €50M ($64.8M) of its own equity. The construction of the stadium, located about 25km south of Paris, is expected to be completed in '17 or '18 (L'EQUIPE, 3/13).