Bernard Arnault’s family is nearing the purchase of a majority stake in second-tier football club Paris FC, investing alongside Red Bull, as the billionaire clan diversifies into sports, Bloomberg reported, citing sources.
Under the terms discussed, the Arnault family will initially take a stake of about 55 per cent through its holding company Agache, before buying out club chairman Pierre Ferracci’s 30 per cent holding in 2027, the sources said.
Red Bull will acquire a stake of about 15 per cent, they added.
Mr Arnault is the world’s fourth-richest person, with an estimated net worth of $190 billion, according to the Bloomberg Billionaires Index.
Paris FC, founded in 1972, is currently top of France’s Ligue 2, a step below the highest league. The club is less known than Paris Saint-Germain, the French capital’s main football team, whose international profile soared under the ownership of Qatar and with star players like Neymar and Kylian Mbappé.
The move to invest was a family decision involving Mr Arnault and his five children, who all work at LVMH Moët Hennessy Louis Vuitton, the luxury group he controls, a person familiar with the transaction’s rationale said.
French sports newspaper L’Equipe first reported the news on October 9. A representative for the Arnault family declined to comment.
Paris FC is known to have a large training academy that scouts for emerging football talent in the wider Paris region.
The future owners are not looking to challenge PSG immediately, but plan to have the team qualify for the top French league and eventually seek to take part in the European Champions League, according to L’Equipe.
The club will benefit from a budget in the range of €100 million ($109 million) to €200 million over several years, the French daily reported.
The news comes amid a recent foray by LVMH into sports sponsorships. In the first week of October, the group signed a 10-year deal with Formula One, worth potentially $1 billion, replacing Rolex. LVMH was also a major sponsor of the Olympic and Paralympic Games held in Paris over the summer.
Several French football clubs, big and small, have attracted takeover interest from investors in the past few years. Another Ligue 2 team located north of Paris, Red Star, is in talks to be acquired by private equity investor Steve Pagliuca, Bloomberg has reported.
Red Bull announced former Liverpool manager Jurgen Klopp will become its global head of football in January. Red Bull owns a number of teams, including Leipzig, Salzburg and the New York Red Bulls. It also has a stake in English Championship team Leeds United.
With this transaction, Mr Arnault would join another prominent luxury family, the Pinaults, who own the football club Stade Rennais through their Artemis family vehicle. The Pinaults are the controlling shareholders of Gucci parent company Kering.
Gautam Adani
Indian billionaire Gautam Adani’s flagship company has raised about $500 million through a share sale to institutions, marking a return to equity fund-raising after a withering short-seller report in 2023.
Adani Enterprises offered about 14.2 million shares to large investors at an indicative price of 2,962 rupees ($35.23) apiece, according to terms of the deal seen by Bloomberg News.
The company plans to use the proceeds to fund capital expenditures at its subsidiaries, including energy projects and improvements at airport facilities. The funds may also be used for payments on borrowings for an airport subsidiary and general corporate purposes.
The Indian businessman has a net worth of $100 billion and is currently ranked the 16th richest person in the world, according to the Bloomberg Billionaires Index.
The sale marks a milestone for the media-to-mining conglomerate that was rocked by US short-seller Hindenburg Research’s allegations of widespread corporate fraud in January 2023.
The placement follows Adani Energy Solutions’ $1 billion offer in August to institutional investors.
The Hindenburg report had sparked a more than $150 billion rout in Adani Group stocks, forcing Adani Enterprises to scrap a share sale in February last year. The Indian conglomerate has repeatedly denied the short-seller’s allegations.
Some Adani companies have since recouped the losses and the group has resumed its expansion spree this year after India’s Supreme Court said in January that no fresh probes were needed on Hindenburg’s allegations.
Elon Musk
Brazil’s Supreme Court authorised the return of X after Elon Musk complied with its demands, including taking down some user accounts and appointing a legal representative for the platform in the country.
The company has met “all the requirements necessary for the immediate return of activities” in Brazil, Supreme Court Justice Alexandre de Moraes wrote in an order issued on October 8. “I decree the end of the suspension.”
The authorisation brings an end to a months-long feud between the billionaire owner and Mr de Moraes that culminated with the judge blocking the social network formerly known as Twitter at the end of August after Mr Musk flouted Brazilian regulations.
It amounts to a significant capitulation from the world’s richest man, who has used his clash with Mr de Moraes as a free-speech campaign against the South American nation’s efforts to police online content.
Mr Musk shut down X’s office in Brazil to protest against orders to remove certain profiles that allegedly posed a danger to its democracy. The top court banned the platform days later for not obeying local laws that require it to have a local representative, blocking the platform that had more than 22 million users in the country.
In the weeks since, Mr de Moraes has slapped other Musk companies, including satellite-internet provider Starlink, with fines and threatened additional penalties for not complying with court orders.
But Mr Musk, who bought the platform in 2022 for $44 billion, surprised critics and admirers alike in late September by giving in to the demands. After he spent months publicly railing against Mr de Moraes, X hired lawyers to represent the company in Brazil.
The about-face followed threats of a 5 million reais ($903,000) daily fine on X if it skirted the ban, after a software update allowed it to temporarily evade restrictions. The company paid 10.3 million reais for having become accessible after the ban order.
Earlier in September, Brazil withdrew 18.35 million reais from local bank accounts of X and Starlink to pay for fines imposed by the Supreme Court.
For months, Mr Musk tweeted out insults and accusations that the judge was attempting to censor conservative voices.
Mr de Moraes says the court’s efforts are needed to limit online hate speech and falsehoods that pose real dangers to Brazil’s democratic institutions.
While Mr Musk engaged in a personal campaign against Brazilian regulations, his social network has previously heeded demands from other governments, such as Turkey and India, to censor certain posts.
The bulk of the accounts that Mr de Moraes ordered X to take down belong to supporters of former President Jair Bolsonaro, who used the platform to question the right-wing leader’s election loss in 2022.
Baseless claims of hacking and vote stealing that swirled in the wake of the vote fuelled the rage of protesters that rioted in Brasilia on the false belief that President Luiz Inacio Lula da Silva had lost the election.
Mr Musk has vocally backed Mr Bolsonaro and worked with his government to bring his Starlink service to Brazil.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Scoreline
Man Utd 2 Pogba 27', Martial 49'
Everton 1 Sigurdsson 77'
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
Squad for first two ODIs
Kohli (c), Rohit, Dhawan, Rayudu, Pandey, Dhoni (wk), Pant, Jadeja, Chahal, Kuldeep, Khaleel, Shami, Thakur, Rahul.
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
Bawaal%20
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AUSTRALIA SQUAD
Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner
Match info
Uefa Nations League A Group 4
England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')
Man of the match: Harry Kane (England)
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
MATCH DETAILS
Liverpool 2
Wijnaldum (14), Oxlade-Chamberlain (52)
Genk 1
Samatta (40)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
UAE currency: the story behind the money in your pockets
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
OPINIONS ON PALESTINE & ISRAEL
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
MATCH INFO
Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')
More coverage from the Future Forum
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
GYAN’S ASIAN OUTPUT
2011-2015: Al Ain – 123 apps, 128 goals
2015-2017: Shanghai SIPG – 20 apps, 7 goals
2016-2017: Al Ahli (loan) – 25 apps, 11 goals
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
MANDOOB
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
MATCH INFO
Euro 2020 qualifier
Norway v Spain, Saturday, 10.45pm, UAE
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
Tomb%20Raider%20I%E2%80%93III%20Remastered
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Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
MATCH INFO
Aston Villa 1 (Konsa 63')
Sheffield United 0
Red card: Jon Egan (Sheffield United)
THE%20SPECS
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