France: OL Groupe announces reduction in annual financial expenses of around €7m from 2017-18

"We have refinanced almost all of the group's debt for a total amount of €260m, under improved conditions and an extended maturity. In fact, we have not only renegotiated the existing long-term debt relating to the new stadium in the form of bank loans and bonds for a total of €187m, but have also renegotiated a Revolving Credit Facility (RCF) for the amount of €73m. This should have a positive impact on the group's financial expenses, with an annual reduction of around €7m from 2017-18," said Thierry Sauvage, CEO of Olympique Lyonnais, to News Tank Football on 29/06/2017.

"We knew from the beginning, the moment we signed the first financement for the new stadium in 2013, that it would be necessary to refinance this debt. The renegotiation is proof of the success of the business model. Once the risks of stadium construction had passed, we needed to justify the influx of revenue to the business plan. We have now experienced with Parc OL that the flow of revenue is at the level hoped for (ticketing, seminars, etc), which has enabled us to renegotiate our debt very quickly, in a year…