FC Lorient
Black Knight Football and Entertainment, LP investment · 28 Jan 2026
- Seller
- Loïc Féry
- Stake acquired
- 60%
- Control
- Yes
- Reported consideration
- ~€60m
- Implied equity value
- €100m
- League
- Ligue 1
- Country
- France
- Confidence
- HIGH
Buyer profile: Black Knight Football Club: clubs owned, where they buy next
Black Knight Football and Entertainment, LP bought the remaining 60% to take full ownership of FC Lorient from Loïc Féry, announced 28 Jan 2026.
Reported consideration was ~€60m. That implies a 100% equity value of €100m (calculated by us).
Nearest pre-acquisition revenue was €17.2m (FY 2024/25), an equity value / revenue multiple of 5.82x.
- Announced
- 28 Jan 2026
- Closed
- 28 Jan 2026
- Stake after transaction
- 100%
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2024/25
Revenue
Wages
EBITDA
Net debt
Net income
On 28 January 2026 FC Lorient and Cannae Holdings announced that Black Knight Football Club (BKFC, legal entity Black Knight Football and Entertainment, LP — Bill Foley's multi-club partnership, ~42.7% owned by NYSE-listed Cannae after this deal) had bought the 60% of the club held by president-owner Loïc Féry, taking BKFC from the 40% minority it acquired in 2023 to 100%.
- Cannae Holdings press release — BKFC acquisition of remaining 60% of FC Lorient ↗Tier 1 · primary company
2026-01-28 — “BKFC 'has acquired the remaining equity interests in FC Lorient and is now the sole shareholder'; Féry 'is taking a portion of his consideration in BKFC shares' and remains president. Cannae CEO: 'Acquiring the remaining 60% of FC Lorient…'. Lists BKFC holdings: 100% Bournemouth and Lorient, majority Moreirense, affiliations with Auckland FC, Orlando City, Kyoto Sanga.”
- FC Lorient official statement — 'Black Knight Football Club devient l'actionnaire unique du FC Lorient' ↗Tier 1 · primary club
2026-01-28 · fr — “BKFC becomes sole shareholder; Féry keeps the presidency (held since 2009) and 'devient également actionnaire de BKFC'. 'L'évolution du capital du club a été présentée à la DNCG… l'opération a été formalisée en janvier 2026.' BKFC cited as having 'plus de 550 M$ de fonds propres'.”
- Cannae Holdings Form 10-K FY2025, Note A (Business and Summary of Significant Accounting Policies) ↗Tier 1 · regulatory filing
2026-02-23 — “'In January 2026, BKFC purchased the remaining 60% equity interest in FC Lorient ("FCL") for total consideration of $70.3 million including cash of $40.7 million and stock of BKFC of $29.6 million and as a result of this transaction we now hold a 42.7% ownership interest in BKFC.' Also: Cannae invested $50.0m in BKFC in 2025 and held 44.7% at 31 Dec 2025.”
- Cannae Holdings Q4/FY2025 earnings call transcript (23 Feb 2026) ↗Tier 1 · primary company
2026-02-23 — “CEO Ryan Caswell: 'In January, we [acquired] the remaining 60% of FC Lorient for approximately 60 million euros through a combination of Black Knight Football stock and cash. The value was based roughly on the put/call that was structured in the 2023 purchase.' Also: BKFC units issued for FCL 'at about a roughly 12.5% premium to… par value'.”
- LFP/DNCG — Comptes individuels des clubs, saison 2024/2025 (FC Lorient page, p.31) ↗Tier 2 · league filing
2026-04-08 · fr — “FC Lorient consolidated perimeter, K€: droits audiovisuels 7,443; sponsors-publicité 4,633; recettes matches 2,279; autres produits 2,823; TOTAL PRODUITS HORS MUTATION 17,178. Rémunération du personnel chargée 26,352; résultat des opérations hors mutation -38,909; résultat des opérations mutation 40,541; résultat net 1,069. Balance sheet: situation nette 26,486; comptes courants d'actionnaires 0; dettes financières 9,295; dettes sur mutations 28,344; créances sur mutations 27,541; disponibilités et VMP 4,450; total actif 82,701. (PDF is the LFP publication mirrored by Décideurs du Sport; figures cross-checked against Le Télégramme and Ouest-France reporting of the same report.)”
- Le Télégramme — 'Le FC Lorient très bon élève de la Ligue 2 dans son bilan financier 2024-2025' ↗Tier 5 · media
2026-04-15 · fr — “From the DNCG report: net result +€1.07m; wage bill (chargée) €26.3m (€11m lower than 2023/24); TV rights €7.4m vs €32m in 2023/24; sponsorship €4.6m; matchday €2.3m; agent fees €1.5m; structural deficit €38.9m offset by €40.5m of transfer operations (Kroupi to Bournemouth, Méïté to Marseille).”
- FC Lorient — Loïc Féry interview 'Bilan à la trêve, centenaire et perspectives' ↗Tier 1 · primary club
2025-11-16 · fr — “Féry announces intent to become one of BKFC's principal shareholders behind Foley 'en intégrant ma participation dans le FCL au sein du groupe BKFC, qui deviendrait donc ainsi l'unique actionnaire du FCL'; cites a group with 'plus de 500m USD de fonds propres'; BKFC entered the capital 'depuis fin 2022'.”
- L'Équipe — Féry interview 'Lorient bientôt détenu à 100 % par le groupe américain BKFC… Tout sauf un désengagement' ↗Tier 5 · media
2025-11-18 · fr — “Féry: 'Aujourd'hui, il y en a deux (à Lorient), le groupe (à hauteur de 40 %) et moi… de la même manière que le groupe possède 100 % de Bournemouth, il détiendrait 100 % de Lorient'; group equity 'plus de 500 M (de dollars, soit 430 M€)'. (Partially paywalled; quoted passage visible.)”
- Le Figaro / AFP — 'Ligue 1 : le FC Lorient racheté intégralement par un fonds d'investissement américain' ↗Tier 5 · media
2026-01-28 · fr — “BKFC 'qui détenait déjà 40% de son capital, avait racheté les parts de son président Loïc Féry'; in late November Féry had announced his intention 'de céder ses parts (60%)'. Notes supporters were wary or hostile.”
- FC Lorient official statement — partnership with Bill Foley and BKFE ↗Tier 1 · primary club
2023-01-13 · fr — “BKFE and Cannae 'deviendront actionnaires minoritaires du groupe FC Lorient dans les prochaines semaines'; the partnership 'prévoit une augmentation de capital'; Féry, sole owner since 2009, 'reste l'actionnaire majoritaire'. No percentage or amount stated.”
- AFP via theScore — 'Bournemouth owner Bill Foley buys stake in Ligue 1 club Lorient' ↗Tier 5 · media
2023-01-13 — “'No financial details of the deal were revealed but in an interview with the daily Ouest France, Loic Fery… mentioned a capital increase of 10 million euros.' Féry: 'The new shareholder will have 40 percent of the capital no later than this summer'; he wanted to remain main shareholder until the 2026 centenary.”
- Cannae Holdings Q1 2023 shareholder letter (SEC exhibit) ↗Tier 1 · regulatory filing
2023-05-09 — “'Later in the quarter [Q1 2023], BKFE closed on the acquisition of a significant minority interest in FC Lorient'; Cannae had invested $96m (~50% of BKFE) with a further $40m commitment.”
- Cannae Holdings Q4 2025 shareholder letter (Exhibit 99.2) ↗Tier 1 · primary company
2026-02-23 — “BKFC acquired the remaining 60% of FC Lorient; Féry became a BKFC shareholder and remains president; 'Black Knight also ended its investment and partnership in Hibernian Football Club, selling BKFC's interests in Hibs back to the majority owner at cost.' Cannae: $249m invested, ~42% of BKFC as of 20 Feb 2026. BKFC FY to 30 Sep 2025: revenue $267.1m, shareholders' equity $329.4m.”
- Business Wire / Cannae — 'Black Knight Football Club… Announces Strategic Partnership With FC Lorient' ↗Tier 1 · primary company
2023-01-13 — “'Black Knight Football and Entertainment, LP… agreed to acquire a significant minority ownership interest in FC Lorient… The agreement provides BKFE an opportunity to invest additional capital after this season.' Follows the Dec 2022 acquisition of AFC Bournemouth.”
- Ouest-France — 'Ligue 2. Le FC Lorient a eu la meilleure santé financière du championnat lors de la saison 2024-2025' ↗Tier 5 · media
2026-04-08 · fr — “LFP published the DNCG club accounts on 8 April 2026; Lorient net result €1.069m (vs €1.098m in 2023/24); revenues down ~€30m on TV rights (€7m vs €32m); wage bill from €46m to €27m.”
- Ligue1.com — '25/26 Season Preview #7: FC Lorient' ↗Tier 2 · league
2025-08-07 — “'Back in Ligue 1 McDonald's after just one season away'; Lorient were 2024/25 Ligue 2 champions after relegation in 2024.”
2026-01-28 — “Lorient announced BKFC had become its sole shareholder; BKFC acquired a minority interest in January 2023; 'BKFC is bringing more than $550 million in equity, Lorient said'; Féry to become a BKFC shareholder.”