According to a report in Belgian paper L’Echo published today as part of the Football Leaks series, Ligue 1 side FC Nantes are participating in an enormous tax avoiding scheme.
Almost all of the financial actions that FC Nantes take can be led back to a PO box in Belgium, on rue du Livorno in Saint-Gilles, according to the report.
This box belongs to a company registered under the name Flava Group. Flava Group holds a 99.63% stake in FC Nantes. Dozens of other companies that have nothing to do with football are also at this address, which is incidentally also the headquarters of a Belgian tax advisor.
The company “Post Box” was created in July 2007 by a Frenchman, who at the same time was reaching an agreement with Serge Dassault for the purchase of FC Nantes.
It is believed that this scheme has been perpetuated in order to avoid taxation, specifically relating to capital gains, according to the report in the Belgian newspaper today that cites tax experts.
This is not the only recent example of questionable financial activity on the part of FC Nantes. Their president, Waldemar Kita, was mentioned in the Panama Papers investigation that came out late this summer.