The Red Star has been sold 100% to the American fund 777 Partners, the National team, based in Saint-Ouen, announced on Wednesday.
Despite the opposition of its supporters who fear the dissolution of the identity of the club, the formation therefore passes under the American flag. The amount of the transaction is estimated between 10 and 19 million euros by the sports press.
The announcement that Red Star had entered into exclusive negotiations with 777 Partners in early April angered Audonian fans, who interrupted a league game against Sète to protest. They denounced the choice of a fund based in Miami, thousands of kilometers from Seine-Saint-Denis, the historic anchor port of the club founded in 1897.
Liège, Genoa and Seville…
“We fully respect the DNA of the club and our ambition is mainly to broaden its horizons while retaining what makes Red Star FC unique, explained Josh Wander, founder of the fund. We want to continue to develop the Marville training center in order to offer the club the best possible environment for young people and the first team. The short-term objective is to move up to Ligue 2 so that Red Star FC can find its training center again, and can finally retain the fantastic talents of the Paris region, who will be at the heart of the club’s sporting project.
This is a major step in the great and prestigious history of @RedStarFC, 125 years long. Following a consultation and approval procedure, the Red Star club is now 100% owned by 777 Partners
—Red Star FC (@RedStar FC) May 11, 2022
777 Partners controls the teams of Standard de Liège (Belgium), Genoa (Italy) and Vasco de Gama (Brazil), in addition to holding “a significant stake” in Sevilla FC, in its terms.
Its portfolio also includes assets in insurance, aerospace and entertainment.
“I am firmly convinced, after a long reflection, that 777 Partners is the best choice to guarantee and perpetuate the values of our club, while giving it the means to open up new perspectives”, declared Patrice Haddad , who retains his position as chairman.
The Red Star, 11th in the National before the last day on Friday, began work last summer to renovate its dilapidated Bauer stadium, which should be completed in the spring of 2024.