The loss of the Confederation of African Football (CAF) contract has knocked between €210-€240 million off the sales price of the Lagardère Sports.

The disposal of 75% of the French media conglomerate’s sports agency division to Miami-based private equity firm H.I.G Capital, values the agency at about €110 million. This doesn’t include any potential gains from its litigation with CAF over the cancelled $1 billion African contract.

The deal is expected to complete in the first quarter of 2020.

Lagardère said that the sale of the sports and entertainment business was in line with its strategic refocusing on its publishing and travel retail activities.

Lagardère had been seeking a buyer for its sports agency which, when it held the CAF contract, had reported interest from both Wasserman in the US and Spain’s Mediapro.

In May, Lagardère announced a deal to sell its TV channels to RTL-owned M6 Group for €215 million.That deal saw M6 take over flagship kids channel Gulli along with Canal J, TiJi, Elle Girl TV, MCM, MCM Top, RFM TV and associated advertising sales activities.

Lagardère plans to retain its interest in its domestic live entertainment business, Lagardère Live Entertainment, which is valued at €40 million.

InsideWorldFootball