Waldemar Kita ended discussions to sell FC Nantes to Phenix Capital on Thursday, October 22, 2026, citing an unviable bid and missing financial guarantees. The abrupt collapse leaves the Ligue 2 club under family ownership as mounting financial and sporting pressures test the organization.
Agreement Breakdown and The End of Exclusive Negotiations
Weeks after an initial agreement of principle brought hope of new ownership, the proposed sale completely unraveled on Thursday. Club owner Waldemar Kita walked away from the transaction, declaring that the bid led by intermediary Paulo Tavares was not a serious project. The two parties had entered exclusive negotiations on September 28, 2026, targeting a transition centred on a reported valuation of roughly 100 million euros, excluding potential performance bonuses. Other reports indicate a compromise of 100 million euros plus a variable component of 25 million euros.
That momentum stalled as deadlines passed without the necessary administrative proof. The transition of ownership was initially scheduled for November and December, but the camp of Paulo Tavares missed a set deadline on October 14. According to an official club statement, the prospective buyers and their advisers failed to deliver the promised financial guarantees or assemble the complete documentation required by football regulators.
Communiqué officiel. M. Waldemar Kita, président du FC Nantes, met fin aux discussions relatives au projet de cession du club à Phenix Capital. Lire le Communiqué : https://t.co/TuQ8yWatA7 pic.twitter.com/HqrHSbZke5
“Despite multiple requests and the deadlines granted (…) the candidate for the takeover and his advisers were not able to provide the announced financial guarantees, nor to compile the complete file essential for the validation of such an operation by the DNCG,” FC Nantes stated in an official club press release according to Yahoo Actualités.
While club leadership described the decision as taken with regret and astonishment, outside observers noted that warning signs had accumulated for weeks. Waldemar Kita, who has owned the club since 2007, emphasized that his priority has always been to ensure the stability and development of FC Nantes and to look after its interests and those of its employees.
This outcome mirrors a 2019 incident where Kita signed a protocol with LFE Football Group for 80 to 100 million euros, only to retreat three weeks later due to insufficient guarantees.
Vu la soudaineté de cette mise à mort du projet Phenix par Kita, n'aurait-il pas déjà un projet sérieux de rachat sur le feu ? #FCNantes
Regulatory Hurdles and Financial Safeguards Under the New Law
The central stumbling block in the transaction involved tightening oversight from the Direction nationale du contrôle de gestion (DNCG). Changes stemming from the sports organization law passed on August 3 have transformed how French football authorities vet prospective owners. Under the updated legislation, proving general liquidity is no longer sufficient; buyers must freeze the total purchase amount in a secured, blocked account throughout the transaction.
The financial watchdog also demanded rigorous supplemental documentation, including an independent moral investigation report on the acquiring group and a comprehensive three-year financial plan to address structural deficits. Specifically, the DNCG required 25 million euros to be blocked in a specific account. Representatives for Phenix Capital—a consortium of French, Portuguese, and Luxembourgish investors—acknowledged that these stringent criteria slowed their progress. The firm told Ouest-France that its priority was to present a complete, coherent and legally secure file rather than rushing the filing, noting that shareholder signatures were still pending in Luxembourg.
Staff Representatives Vote Against Takeover as Buyers Seek Funds
Resistance to the takeover was not limited to regulatory desks. The club’s economic and social committee (CSE) convened for an emergency meeting where staff representatives voted unanimously against the project, voicing deep concerns over the financial reliability of the purchasing group.
Despite the formal termination notice issued by the club, the prospective buyers insisted they have not abandoned the effort. Phenix Sport Invest assured Ouest-France that it continues to work on assembling the necessary funds to convince the DNCG.
🚨 VENTE du #fcnantes : c'est fini pour le projet TAVARES ! ❌❌❌"Waldemar Kita arrête les discussions avec Phenix Capital. Malgré de multiples délais accordés, le candidat n'a pas été en mesure d'apporter les garanties financières annoncées"https://t.co/GtkiQ8lvXf
We will see the process through to the end; we will do what we have to do. He will accept or he won't. If he doesn't accept, the money will go back to the investors,
Paulo Tavares’ entourage told Foot Mercato.
Sporting Pressures and the Road Ahead in Ligue 2
The failed sale unfolds against a difficult backdrop on the pitch. Waldemar Kita and Franck Kita were present in the presidential box for the Dunkerque loss, and sources report the two did not hide their anger regarding the team’s performance.
🚨 OFFICIEL ! WALDEMAR KITA MET FIN AUX DISCUSSIONS POUR LA VENTE DU FC NANTES !!! ❌Le président nantais a décidé de stopper les négociations avec PHENIX CAPITAL, qui souhaitait racheter le club.Le candidat au rachat et ses conseillers n’ont pas été en mesure d’apporter les… pic.twitter.com/HaAGoyH7LG
Waldemar Kita remains in control of the club, prioritizing organizational stability and the interests of its employees while managing the impact of declining television broadcast revenues across French football. The club is scheduled to face ASSE at Geoffroy-Guichard on Saturday.