• Bernard Arnault's family is set to become a majority shareholder in Paris FC.
• The move aligns with LVMH's strategy to diversify into sports sponsorships.
• LVMH recently secured a Formula 1 partnership deal, replacing Rolex.

Bernard Arnault's family is set to invest in Paris FC football club alongside Red Bull as the billionaire LVMH CEO further embraces the world of sport and its lucrative sponsorship opportunities.

Sources familiar with the matter told Bloomberg that the family plans to take a 55% stake in the French second-tier club before buying club president Pierre Ferracci's 30% holding in 2027. Red Bull will acquire a 15% stake.

Arnault, who has a net worth of $191 billion and is fourth on Bloomberg's Billionaires Index, and his five children, all of whom have senior positions at LVMH, reportedly decided to purchase Paris FC, the current leader of France's Ligue 2, together.

Arnault's company — LVMH — has already made moves to diversify into sports. Earlier this month, Formula 1 announced a 10-year sponsorship deal with the firm starting in 2025 to mark the car racing sport's 75th anniversary.

LVMH replaced longtime F1 sponsor, the Swiss watch manufacturer Rolex.

The global partnership will see several of the French luxury conglomerate's brands, including Louis Vuitton, Moët Hennessy, and TAG Heuer, have prominent exposure at F1.

The move has been well received by some analysts.

"LVMH operates a global business and needs to find global audiences and global languages," Luca Solca, a senior analyst at Bernstein covering global luxury goods, told Business Insider. "Art and sport are global — and Formula 1 attracts very large audiences," he said.

Over the summer, LVMH was a major partner of the Olympic and Paralympic Games in Paris. It spared no expense, pouring an estimated $163 million into the multi-sport event and putting its assortment of luxury brands front and center.

LVMH and Red Bull did not immediately respond to a request for comment from Business Insider.