Nantes sale collapses over missing financial guarantees

Nantes owner and president Waldemar Kita has terminated discussions over the proposed sale of the club to Phenix Capital, saying the prospective buyer failed to provide the financial assurances needed to protect the club’s future.The decision follows an agreement in principle and a period of exclusive negotiations, with Nantes also stating that the buyer had not submitted a complete file to French football’s financial watchdog, the DNCG.Kita said: “The project of this potential buyer did not present sufficient elements to ensure a healthy and sustainable takeover or guarantee the future of the club.“So it was not conceivable to follow up on it and expose all employees to the slightest uncertainty.”The club described the proposed takeover as “clearly not serious”, with the absence of promised guarantees preventing the process from progressing towards completion.Kita said he was “definitively halting discussions regarding the proposed sale of the club to Phenix Capital”, signalling the end of negotiations from the seller’s perspective.Phenix Capital nevertheless reportedly remains interested and is seeking additional time to provide the documentation and assurances required for the transaction.The prospective buyer has encountered difficulties transferring more than €100m earmarked for the acquisition into a secure account, according to reporting on its efforts to revive the deal.That figure concerns the reported acquisition funding rather than a confirmed investment commitment for the club’s subsequent operations.The disagreement leaves a clear distinction between the parties’ positions: Kita has publicly ended negotiations, while Phenix Capital hopes they can be reopened.No renewed talks or revised agreement have been confirmed.The incomplete DNCG submission represents a separate obstacle alongside the funding issue, with the regulator requiring the necessary information to assess the proposed change of ownership.An agreement between buyer and seller would therefore not, by itself, resolve all the requirements for completing the transaction.Nantes manager Grégory Poirier welcomed the greater certainty offered by the existing ownership remaining in place, while stressing that his attention remained on his responsibilities to the team.Poirier said: “It always brings a sense of calm when there are fewer changes and you know who you’re working for. It’s actually good news.”His comments underline the operational uncertainty that can accompany prolonged takeover discussions, particularly where the identity and funding capacity of a future owner remain unresolved.Kita has owned Nantes since 2007 and remains open to a sale, but any alternative purchaser would need to demonstrate the financial capacity and documentation missing from the Phenix process.For now, the club remain under his control, with the proposed transaction halted despite the prospective buyer’s reported request for more time.