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Category > FAQ > Page Uploaded: 23/03/16

Q: Did Credit Lyonnais sell Adidas for Bernard Tapie?

A Yes they did. Bernard Tapie purchased Adidas in 1989, and by 1992 - it has been suggested - that Tapie was having trouble paying the interest on the loans he took to purchase Adidas. Tapie purchased Adidas for around about $300million - at the time Adidas were losing money - and Crédit Lyonnais sold Adidas for around $400 million; more than what Tapie owed. However, that is not the end of the story: in 2015, Bernard Tapie claimed compensation in a Paris appeals court for being 'duped' by Crédit Lyonnais for selling Adidas "too cheap". The appeal does not appear to have been successful; Tapie's lawyer Emmanuel Gaillard described the decision made by the court as a: "denial of justice". It is possible for Tapie to appeal the decision to the highest court in France. The situation is further muddled by the fact that Credit Lyonnais no longer exists: it was a French state owned bank that nearly went bankrupt around the time it sold Adidas for Tapie - due to Credit Lyonnais being mismanaged - and was eventually purchased by Crédit Agricole in 2003.