RMC Sport and Les Violets report this evening that Ligue 1 side Toulouse’s president Olivier Sadran has entered into exclusive negotiations with NewCity Capital to sell the 20th placed side.
NewCity is run by Chien Lee, made up of a series of American & Chinese investors and currently owns Championship side Barnsley and Belgian outfit Oostende.
Lee was previously the owner of fellow French top flight side OGC Nice, before being bought out after a series of pedantic events, by INEOS last summer.
An exclusive negotiations agreement was signed 15 days ago between Sadran and Lee, giving NewCity exclusive rights to study the club’s accounts. An agreement between the two parties over a sale price has already been reached.
Lee has another 45 days to assess the investment exclusively, with the pair having negotiated a 60-day exclusivity period.
Lee has also been in talks to acquire Ligue 2 side ESTAC Troyes, but will almost certainly only purchase one side in France to add to his other two clubs.
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Both parties are bound by a confidentiality agreement and Olivier Sadran denied the reporting earlier today as a result.
It should be noted that ex-OGC Nice President Gauthier Ganaye is part of the conversations and if the deal goes through is expected to take the Toulouse presidency.