PARIS--(BUSINESS WIRE)--Regulatory News:
At a meeting held today, the Confederation of African Football (CAF) informed Lagardère Sports of its unilateral decision to cancel the agency agreement binding the two companies to 2028. The cancellation is to take effect immediately.
Lagardère strongly contests this decision, which, in its view, is unlawful, unreasonable and unjustified.
Lagardère maintains that there is no reason – including the ongoing investigation by the COMESA Competition Commission (CCC), which has yet to issue its decision1 – to cancel the agreement at this stage.
Lagardère deeply regrets this situation and has asked the CAF to adopt a more reasonable position and honour its commitments.
The CAF has a responsibility to support Lagardère Sports in the ongoing procedure before the CCC with a view to maintaining the agreement, adjusted, as necessary, following discussions with the authorities, in their common interest and in the interests of African football.
Failing this, Lagardère will take any and all action to defend its interests and obtain compensation for any harm it may suffer.
Until recently, the Lagardère group was structured into four business divisions: Lagardère Publishing, Lagardère Travel Retail, Lagardère Sports and Entertainment and Lagardère Active.
In 2018, the Group launched its strategic refocusing around two priority divisions: Lagardère Publishing and Lagardère Travel Retail.
Lagardère shares are listed on Euronext Paris.
1 The procedure is described in Lagardère’s 2019 Interim Financial Report (Note 19 to the condensed consolidated interim financial statements).