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FC Nantes has not yet changed ownership. Behind the announcements, the familiar names and the amounts being discussed, the matter remains tied to one very concrete step: convincing the DNCG. Phenix Sports Invest, an organization led by Paulo Tavares, must present solid financial guarantees before any real changeover can take place. In this Nantes saga, the most decisive action is therefore taking place neither in a box nor in a triumphant press release, but before French football’s financial watchdog.
A promise to sell, not a transfer of power
The central point deserves to be stated calmly: the agreement discussed around FC Nantes does not mean that Waldemar Kita has already handed over the club.
The central point deserves to be stated calmly: the agreement discussed around FC Nantes does not mean that Waldemar Kita has already handed over the club. The Kita family, owners since 2007, has opened a negotiation phase with Phenix Sports Invest, but control of the club will not change until the regulatory and financial steps have been approved.
This distinction carries significant weight. It explains why the matter can move forward publicly without being legally completed. In Nantes, where recent seasons have already frayed many nerves, every word matters. A promise, a protocol or an agreement in principle does not have the same effect as a finalized sale. For now, the club therefore remains in an in-between situation: advanced enough to fuel the idea of a new cycle, but not secure enough to speak of a confirmed break.
Phenix Sports Invest is highlighting an international project, with French, Portuguese and Luxembourgish investors. The stated ambition goes beyond a simple accounting takeover: a sporting revival, modernization of the image, work on the brand and a drive toward promotion. On paper, it is broad. In the control offices, it will above all have to be funded.
The €25 million hurdle
The DNCG is asking for a guarantee of approximately 25 million euros blocked in an account before meeting the prospective buyers. This amount corresponds to a need to cover losses and aims to verify that the project is based not only on purchasing the club, but also on its ability to absorb future deficits.
This is where the matter takes a less spectacular but more serious turn. Buying a club is not just about paying the price requested by the seller. It is also necessary to demonstrate that operations will remain viable, that the wage bill will stay sustainable, that commitments will not put the team at risk and that the season’s budget can hold without relying on a fragile gamble.
For Nantes, the stakes are all the more sensitive because the club is emerging from years of sporting turmoil and financial constraints. A poorly structured deal could expose the institution to heavy sanctions, ranging from budgetary supervision to much more damaging sporting measures. The DNCG does not judge the glamour of the project. It looks at the accounts, the guarantees and the overall consistency. It is less marketable than a photo with a celebrity, but far more decisive.
Names that attract attention, accounts that decide
The Phenix Sports Invest project has also attracted attention because of the personalities associated with its narrative. Marcelo and Snoop Dogg are presented as figures capable of giving the club an international profile and strengthening its commercial appeal. The idea fits a trend in modern football: athletes, artists or high-profile investors enter club projects to bring visibility, networks and a compelling story.
But Nantes is not a product to repaint for a global campaign. It is a club with a stadium, a demanding fan base, a weighty history and a sporting situation in need of repair. Fame can open doors, attract partners or provide marketing momentum. It cannot replace a robust financing plan, a clear sporting strategy or stable governance.
The question posed by the DNCG therefore brings everyone back down to earth. The project may be ambitious, the cast may be intriguing, the amounts may be circulating: without available and verifiable guarantees, the sale will remain on hold.
A schedule under pressure
The next sequence is easy to understand: submission of the file, examination by the DNCG, then a decision on the financial solidity of the arrangement. Until this stage is completed, Nantes remains in a waiting zone, with an owner still in place and a prospective buyer still a candidate.
For supporters, the impatience is understandable. The club needs clear leadership, a sporting direction and a less tense atmosphere. But this matter recalls a rather cold truth: in French football today, promised money is no longer enough. The money must be available, verified and placed in the right location.
If Phenix Sports Invest provides the requested guarantees, the takeover may acquire real substance and open the debate on the sporting project. Otherwise, FC Nantes will have mainly experienced another chapter of a failed transition, leaving the familiar impression that La Beaujoire sees many scenarios pass by before it sees certainty arrive.