France: Chinese group ORG Packaging acquires a 60% stake in AJ Auxerre (Ligue 2)

The Chinese company ORG Packaging who specialise in the manufacture of packaging, officially acquires 60% stake in Auxerre (Domino's Ligue 2) says AJA XXL Capital SA company owned by Limido family, on 10/13/2016. The takeover by ORG Packaging was formalised at the end of the general meeting of the board of SAOS AJA, meeting in Paris (FRA) on 13/10/2016.

An agreement had been reached between ORG Packaging and enterprise AJA XXL Capital SA, led by Corinne Limido, the widow of the former club owner Emmanuel Limido, on 08/08/2016. The transaction amount is estimated at €7m for the 60% stake bought by ORG Packaging. The arrival of the Chinese group has been long opposed by the the AJA Football Association, which retains a 40% stake in the club.

Guy Cotret, president of AJ Auxerre since April 2013, will remain in charge of the club. James Zhou, Richard Moore, and Thomas Urlacher, three representatives of ORG Packaging, will serve on the club's board.

"A very long process, a bit painful sometimes" (Guy Cotret on 13/10/2016)

• AJ Auxerre are currently in 18^th place (9 points) in the…