American billionaire Frank McCourt has become the new owner of France's Ligue 1 football side Olympique Marseille, after signing the purchase agreement with previous holder Margarita Louis-Dreyfus.
Under the agreement signed on Monday, valued at 45 million euros ($49.5 million), the 20-year ownership of Louis-Dreyfus came to an end, while a new era will start after several bad seasons that caused problems between the fans and the club, reports Efe.
Marseille is the most successful club in France, as it is the only French club that won the Champions League, in addition to claiming nine Ligue 1 titles and 10 French Cups.
Under the direction of the Louis-Dreyfus family, Marseille claimed a single league title and three French League Cups.
McCourt, who made his fortune through real estate, will have to restructure Marseille, so he appointed media expert Jacques-Henri Eyraud as the new president for that mission.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)