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minority-to-control · France · Ligue 1

FC Lorient

Black Knight Football and Entertainment, LP investment · 28 Jan 2026

Buyer
Black Knight Football and Entertainment, LP
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

Transaction overview

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
Valuation

Reported consideration

What the buyer reportedly paid for the stake

FILED

Implied 100% equity value

Calculated: consideration ÷ stake acquired

CALCULATED

Reported club valuation

UNAVAILABLE

Enterprise value

Only shown when debt/cash near the transaction date is established

UNAVAILABLE

Debt assumed / restructured

UNDISCLOSED

Primary capital injection

UNDISCLOSED

Total announced investment commitment

Commitments are not purchase price and not valuation

UNAVAILABLE
Equity value / revenue:
CALCULATED
Club at acquisition

Nearest pre-acquisition financial year: 2024/25

Revenue

FILED

Wages

FILED

EBITDA

UNAVAILABLE

Net debt

CALCULATED

Net income

FILED
Analyst noteWhat is known, what is uncertain, and how figures were derived

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%.

Sources (17)
  1. 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.”

  2. 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'.”

  3. 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.”

  4. 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'.”

  5. 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.)”

  6. 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).”

  7. 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'.”

  8. 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.)”

  9. 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.”

  10. 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.”

  11. 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.”

  12. 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.”

  13. 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.”

  14. 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.”

  15. 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.”

  16. 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.”

  17. 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.”

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