Chinese company officially buys French Ligue 2 club Sochaux (updated)

French second division soccer club Sochaux announced Monday they have signed an agreement with Chinese company Ledus over selling 100% of the club's shares for 7 million euros.

Ledus, a Hong Kong listed electrical components manufacturer, had contacted the club's previous owners, carmaker Peugeot, in February to propose a "credible project for the club" for "all the issued share capital and voting rights".

Calling it "a new milestone in the transfer of FC Sochaux-Montbeliard", the Ligue 2 side said the deal signed on Monday has validated all terms of the letter of intent set in February.

"The terms of this agreement fully meet the objectives set by the current shareholders of looking for a robust and sustainable project, and should enable the FCSM to have financial resources consistent with the legitimate sporting ambitions of the club," read Sochaux's official press release.

"The sale will be made upon receipt of permits and completion of work. The goal remains to enable the buyer to take control of the club for next season," it added.

Li Wing-Sang, Chairman of Ledus' holding company, the Tech Pro Technology Development, promised last month that he had no plan to make big changes to the current running structure of the club.

Founded by the Peugeot family in 1928 for its workers, Sochaux, twice Ligue 1 champions in 1935 and 1938 as well as the French Cup holders in 1937 and 2007, had spent a record 66 seasons in the top flight before being relegated in 2014.

PSA Peugeot Citroen, who has in recent times focused on motor racing and tennis, announced last year that it wanted to sell the football club and concentrate on auto racing, while Tech Pro and its Ledus subsidiary, which specializes in making LED products, wants to use Sochaux to promote its expansion in Europe. Endi