Canal Plus surrender Servette majority
The private French broadcaster Canal Plus has announced that it is selling off its majority share in Servette Geneva football club, because of a clash of interests over the company's similar holding in French side Paris St Germain.
Canal Plus is reacting to a clause in the European football association’s competition rules which prevents two clubs with the same owner from participating in the same tournament.
As Swiss Cup winners, Servette have already qualified for the first round of this season’s UEFA Cup competition. Paris St Germain are close to achieving the same feat after reaching the final stage of the Intertoto Cup.
Canal Plus and Paris St Germain president Laurent Perpère has stepped down from the Servette board as part of the rearrangement.
Although the French company has been forced to surrender its majority holding in Servette, it remains the biggest individual shareholder with a 44 per cent ownership.
The remaining 56 per cent is divided between Swiss companies Golden Lion (36%), Jelmoli (15%) and the Swiss businessman Olivier Maus (5%).
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