American businessman McCourt reaches agreement to buy Marseille

Marseille - American businessman Frank McCourt, former owner of Major League Baseball's Los Angeles Dodgers, reached an agreement on Monday to take over Marseille, the Ligue 1 club announced.

McCourt sealed the deal in a meeting with previous owner Margarita Louis-Dreyfus and Marseille mayor Jean-Claude Gaudin, saying afterwards that there was a process underway that would lead to the takeover being completed in a few weeks.

RMC Sport reports that McCourt, who was removed as owner of the Dodgers in 2011 due to financial concerns, will pay something in the region of €40 million to purchase the floundering French giant.

Louis-Dreyfus, Marseille's biggest shareholder, announced in April that she was selling her stake in the storied club. Speculation was rampant that Gerard Lopez, former chairman of the Lotus F1 Team, was in pole position to assume control of the main seat at the Stade Velodrome.

Instead, it's McCourt; the 63-year-old is slated to complete the transaction before the end of 2016.

"Being a part of Olympique de Marseille and helping the club achieve success both on and off the pitch would be an honor and a privilege for me and my family," McCourt said.

The announcement comes with the club in the midst of a depressing period in its impressive history. The nine-time Ligue 1 champion, incredibly, battled relegation last season, ultimately finishing 13th as drama in the boardroom seemed to manifest itself on the pitch.

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The summer transfer window has seen a swath of high-profile departures, and supporters will no doubt be hoping that a change in ownership will return the club to former glories.