Marseille sale seemingly dead in the water

23rd March 2007, Comments 0 comments

MARSEILLE, March 23, 2007 (AFP) - North American businessman Jack Kachkar's attempt to buy French side Marseille has seemingly fallen through after incumbant owner Robert Louis-Dreyfus refused his request for more time to buy the club.

MARSEILLE, March 23, 2007 (AFP) - North American businessman Jack Kachkar's attempt to buy French side Marseille has seemingly fallen through after incumbant owner Robert Louis-Dreyfus refused his request for more time to buy the club.

The 43-year-old Kachkar, president of pharmaceutical firm Inyx which employs more than 575 people in North America and Europe, made an offer in January of between 100 and 150 million euros to buy the shares of major shareholder Louis-Dreyfus.

And according to a statement read by Kachkar in January, the sale should have been completed in February.

The Canadian businessman signed a final sale agreement on March 1, but several requests for extensions on payment persuaded Louis-Dreyfus to discontinue the sale.

"Jack Kachkar on Thursday asked Robert Louis-Dreyfus for another payment extension. He refused.

"Robert Louis-Dreyfus will decide in the next few days about the sale of the club," said a spokesman for the majority shareholder.

Marseille president Pape Diouf on Friday insisted that Louis-Dreyfus has always had the club's best interests at heart.

"Robert has wanted to keep his distance, but he has also always insisted that he wanted the affair to proceed under the best circumstances. And this didn't appear to be happening.

"He has therefore decided to refuse the request for an extension, with respect to his moral committement to the city, the club and his employees and to French football," concluded Diouf.

Marseille are the only French club to have won the European Champions League when they beat AC Milan 1-0 in the 1993 final, but an ensuing match-fixing scandal that summer resulted in their relegation to the second division and they have not since reached the same heights.

Copyright AFP

Subject: French news

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