(ECNS) -- A group of Chinese and American investors have acquired 80 percent of the French soccer club OGC Nice, caixin.com reported.
The investors are headed by Zheng Nanyan (Alex), president of hotel group Plateno, and Chien Lee, founder and CEO of NewCity Capital. The two are co-founders of Chinese budget hotel chain 7 Days Group Holdings Ltd.
The purchasing consortium also includes U.S. businessmen Paul Conway of Pacific Media Group and Elliot Hayes.
Jean-Pierre Rivère, president of the club, will have a 20 percent share and retain his current role, the club said in a statement.
Leadership of football operations will stay the same with Rivère and General Manager Julien Fournier continuing in their positions for the foreseeable future, said the report.
The deal was made due to opportunities offered by OGC Nice and the French Riviera, especially in tourism, real estate and hospitality.
It is the latest in a recent trend of European sports acquisitions by Chinese corporations.
