The son of former Liverpool owner George Gillett is buying Olympique Lyon.

Foster Gillett has reached an agreement to become Lyon's majority shareholder, says L'Equipe.

Gillett Jr. was a director at Liverpool during his father's turbulent reign as part-owner with the equally controversial Tom Hicks, after they bought the club in February 2007. The American duo departed Anfield in October 2010 with both partners falling out with each other over the running of the club, and sold Liverpool to Fenway Sports Group.

Gillett Jr.'s net worth is around $700m and he will take over a Lyon side that have just finished eighth in Ligue 1 and haven't won a trophy in more than 10 years.

He has reportedly reached an agreement worth $600m with current Lyon owner and president Jean-Michel Aulas, who has owned the club since 1987.