Troyes takeover by American investor 'not moving' - president Daniel Masoni

American investor Gary Allen has not completed his proposed takeover of Troyes, the president of the French second division club has said.

In June it was announced that Allen, who owns National Premier Soccer League club Spartans FC in Portland, would soon take control of Troyes, who were relegated from Ligue 1 last season.

But there has been little talk of the deal since, and Troyes president Daniel Masoni confirmed it had been held up.

"Nothing is moving," he told L'Equipe. "We're still waiting for guarantees on what was proposed to us."

Masoni said he hoped the formalities of the sale could be finalised by Sep. 15 but also acknowledged that it was not certain to go through.

"With everything that we see in football, you have to take what's concluded and not what's promised," Masoni said.

"As long as it's not done, it doesn't exist."

The estimated cost of the deal is €3 million, according to L'Equipe.