A mystery Saudi prince and a British businessman led a buyout of French Ligue 1 side Nice on Friday, the club announced.

The pair and their partners have purchased 49% with their share to eventually rise to 80%, Nice president Jean-Pierre Rivere said.

"After the first stage in which they take 49%, the new shareholders, with the the Saudi, will take 80% of the club," added Rivere.

Businessman Edward Blackmore, the head of the Sports Investment Fund, said that he was unable to reveal the identity of his Gulf partner.

"We are investing together with my partner, but not only him," said Blackmore who would only say that the member of the Saudi royal family was at his home on the Cote d'Azur.

Rivere added that the Saudi prince asked not to appear in front of the cameras until the majority share had been established which is set for June this year.

Rivere will retain 20% control and remain president while Blackmore will become vice-president.

Despite the new investment, Rivere was adamant that Nice were not trying to imitate big-spending Paris Saint-Germain who are running away with the French title and are in the Champions League last-16, fuelled by Qatari cash.