The family of France's richest person, Bernard Arnault, will complete the acquisition of Paris FC "in the coming days", the Ligue 2 club's president said during a press conference Wednesday.
The Arnault Family will become the majority shareholders of Paris FC, with Austrian company Red Bull also acquiring a minority share, once the necessary administrative procedures have all been finalised.
Paris FC president Pierre Ferracci said a general assembly will be held on November 29, when a new board of directors will be approved.
No figures have yet been released about the size of the acquisition or the projected investment.
Antoine Arnault, the son of the CEO of LVMH, said that the club "will belong to my family", adding that it "will not be a shared property of the Arnault family and Red Bull".
He added that Paris FC, who are currently top of France's second division, will not come under Red Bull's multi-club ownership model, which includes German team RB Leipzig and Austria's RB Salzburg.