The Saudi investors who promised 50 million euros ($55 million) to build a training centre at French third flight outfit Sedan will no longer take part in the project, the club president said on Thursday.
Saudi Prince Fahd Bin Faisal Al Saud, nephew of the Saudi king, announced the the partnership in January in return for 40 per cent of the club’s shares.
But the club have now initiated proceedings to reverse the legal documents connected.
“The judicial situation is underway and we will take back full control of the shareholding,” club president Marc Dubois told local channel Ardennes TV.
Sedan were relegated from the French top flight in 2007 and dropped as far as the fifth division before climbing back to the third after a bankruptcy.
On the back of the promised Saudi investment however Sedan recruited former France coach Roger Lemerre, but he quit after just a few months at the end of last season with the club four points above the relegation zone.
