For quite some time I have questioned the validity of now former PSG President Charles Villeneuve comments that management were well-prepared to invest funds as needed. That should be taken neither as an endorsement of Monsieur Villeneuve’s intention to bring the club up to Champions League grade or commentary of ownerships financial commitment, it is simply a straight fact on financial realities.
Behind the scenes, the ownership group of Colony Capital and Morgan Stanley have made it known that Morgan was looking to divest and prior to a sale. While Morgan CEO John Mack wishes to divest of non-core investments, the market for a Football club is less than desirable at present and prior to any sale the clubs bottom-line must be watched tightly. Additionally given the present worlds financial markets and direct problems with hedge specialists, ownership was neither able or prepared to expand their investment without limitation.
With Monsieur Villeneuve’s stated intention for the club to, “invest in a project that can lift the club to the level of ambition that I have expressed my commitment to”, they have decided to move and oust the President. It is very clear that this entire situation revolves are Colony Capital SAS CEO Sébastien Bazin’s intent of a radically different financial operation.
PSG board members have responded with following statement by resigning have forced a vote to elect a new President:
“(The board) Can no longer serenely fulfill their duty alongside a president they can no longer trust.
“Under these conditions we have decided unanimously to resign from the company’s board in order to convene a general assembly as soon as possible.
Thn election will be held in two weeks in order to elect the Parisians next President.
