AJ Auxerre's majority shareholder James Zhou has strengthened his control over the Ligue 1 club by converting €10 million in debt into equity. This operation was carried out through the issuance of new shares reserved for his company ORT Sports Limited.
The €10 million capital increase was decided on the last day of the previous season and documented in official records. The share capital of SAS A.J.A. Football thus rose to €41 million. The operation did not bring new cash into the club, as it involved converting existing receivables held by James Zhou and his investment structure. The issue price for the new shares was set at approximately €1.37 per unit. Fideliance Audit, the statutory auditor, validated the financial elements used to determine this price and the accuracy of the accounts.
Prior to this conversion, James Zhou held a receivable of €56.8 million against the club. This move therefore transforms a substantial part of the debt owed to the main shareholder into equity. ORT Sports Limited now holds over 97% of the capital and voting rights of AJ Auxerre.
The Association AJA Football, the historical minority shareholder, did not participate in this capital increase. It waived its preferential subscription right. Consequently, its guaranteed minimum participation under the statutes decreased from 2% to 1% of the capital. However, its minority and blocking rights were not modified. This evolution consolidates James Zhou's control while preserving a symbolic voice for the club's historical entity.
This financial operation comes during a difficult sporting period for AJA. The club currently sits in 18th place in Ligue 1, with 0 points after three consecutive defeats. The record shows 4 goals scored and 11 conceded, for a -7 goal difference. Auxerre already trails league leaders Monaco by nine points.
The injury list complicates the manager's task, with Assane Dioussé, Axel Tuanzebe, Fredrik Oppegård, Marvin Senaya and Sekou Fofana currently sidelined.
Attention now turns to the home match against Nice, scheduled for September 12, 2026. Nice, 17th in the table, will be a direct opponent in the battle to avoid relegation. This clash is important to try and reverse the negative dynamic of the season's start. The full schedule of fixtures is available in our fixtures section.
James Zhou's operation, while not injecting fresh cash, stabilizes the club's financial structure at a time when results on the pitch are eagerly awaited by supporters. AJ Auxerre's next appointment is therefore this key match against Nice at the Stade de l'Abbé-Deschamps.
