French Ligue 1 footbcall club OGC Nice is now owned by Chinese and American investors, which bought 80 percent stake in the French association football club based in Nice.
Chinese businessmen Chien Lee, founder and CEO of NewCity Capital, and Alex Zheng, president of hotel-owner Plateno Group, joined American partners Paul Conway and Elliott Hayes in purchasing 80 percent stake in the football club.
Conway represents the Pacific Media Group, the club's press release said.
With the acquisition of 80 percent stake, OGC Nice club president Jean-Pierre Rivere will be left with 20% stake in the club. He will continue to manage the club for the next three years with general director Julien Fournier.
OGC Nice, which carries the complete name Olympique Gymnaste Club Nice Cote d'Azur, is a French association football club in Nice. It was founded in 1904 and currently plays Ligue 1, which is the top-tier of French football.
"Our investor group is delighted to partner with Jean-Pierre Rivere and the management team to support the OGC Nice project. The club has developed a formidable platform for the future," Lee said.
For his part, Rivere, the club president, said the acquisition secures the club's future and will give OGC Nice additional resources.
"Despite the acquisition, OGC Nice will keep its identity and guidance," Rivere said.
Last season, OGC Nice finished fourth in Ligue 1. The ranking qualified it for the Europa League.
Since 2013, the club has been playing in a new stadium, which is one of the ten grounds being used in the European Championship.
Rivere added that the investment will help OGC Nice to gradually reach new caps and continue to grow.