Tony Parker gives up selling his shares in ASVEL / News - Basketnews.com

Internal revolt and the "partners' pact" were the main reasons why Tony Parker gave up on the idea of selling his majority shares in ASVEL.

Credit: Olivier Chassignole/AFP - Scanpix Credit Olivier Chassignole/AFP - Scanpix

After news came out about him possibly selling majority shares in the LDLC ASVEL Villeurbanne organization, Tony Parker backed off from the idea.

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Faced with the internal revolt, Parker gives up converting his ASVEL shares into Smart Good Things shares, according to L'Equipe.

The French media outlet reports that the ASVEL president was unable to sell his shares to the Franco-Israeli businessman Serge Bueno as he wished. Parker is bound by a shareholders' agreement -- "partners' pact".

The latter means Parker must first obtain the agreement of the other shareholders in order to sell his stakes at the club.

Via L'Equipe, Parker's idea to sell the ASVEL shares was immediately blocked by OL Groupe, and the situation is moving towards a status quo.

Tony Parker took over the club in 2014. In nine years, ASVEL have won four French titles.

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