French Ligue 1 football team Saint-Etienne has revealed that it has ended discussions with US investment fund Peak6 over a possible takeover of the club.
Saint-Etienne confirmed last week that it had entered into exclusive talks with Peak6 over a potential takeover, but negotiations have now broken down.
In a short statement published on its website, Saint-Etienne said: “The investments planned by Peak6 in the club do not correspond to the commitments made to make ASSE a sustainable and ambitious club.
“Current shareholders … suffer significant harm related to unfulfilled commitments. Their feeling is that the historical values of ASSE have not been respected.”
Saint-Etienne had said last week that Peak6 would consider appointing Jérôme de Bontin as president of the club should the takeover be finalised. De Bontin is a former director of fellow Ligue 1 club AS Monaco and most recently served as general manager of Major League Soccer franchise the New York Red Bulls.
Peak6 has minority shareholdings in Italian Serie A club AS Roma, English Premier League outfit AFC Bournemouth and Dundalk of the Irish Premier Division.