Trailblazing Lyon to float on French exchange

26-01-2007

Trailblazing Lyon to float on French exchange
Olympique Lyonnais have announced plans to become the first ever French football club to list themselves on the country's stock exchange.

The Ligue 1 leaders, the reigning champions for the last five years, aim to raise €84 million (£55.3 million) through the initial public offering of shares.

Before the offer closes in the first week of February, 3.7 million new shares will be available between €21 (£13.80) and €24.40 (£16), with scope for 550,000 shares in case of increased demand.

OL chairman and chief executive Jean-Michel Aulas said that the IPO represented a "new stage" of the club's history, with plans for a new 60,000 stadium set to be announced.

"This will allow the group to access new financial resources in order to accelerate our growth strategy and continue our focused development, based on the diversification of group revenues and profits," he said.

Last year French legislators relaxed laws to allow professional sports team to list themselves on exchanges.

In recent years British clubs Manchester United and Chelsea have both delisted after being taken over by wealthy foreign owners.


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