Antoine Arnault has been named as the key behind the scenes player as discussions continue between Paris 2024 and LVMH ©Getty Images

The chance of a high-profile sponsorship deal between Paris 2024 and luxury French brand Moët Hennessy Louis Vuitton (LVMH) rests on one of the sons of the company's chairman, it has been reported.

Antoine Arnault, one of LVMH chief executive Bernard Arnault's five children, is a key player behind the scenes as both parties look to strike an agreement, according to Reuters.

If a deal is reached LVMH would become a premium sponsor of Paris 2024, joining mobile phone giant Orange, supermarket chain Carrefour, banking group BPCE, electric company EDF and pharmaceutical group Sanofi.

The company must be willing to pay more than €100 million (£88.5 million/$110 million) and, as LVMH generated a net income of €14.1 billion (£12.5 billion/$15.5 billion) last year, it is considered an ideal prospect.

LVMH is Europe's most valuable company and 74-year-old Bernard Arnault is France's richest man.

An agreement would be a huge boost for Paris 2024, which lost TotalEnergies as a premium sponsor in 2019.

A deal would also ease concerns after the French Court of Auditors outlined fears over organisers' planned level of expenditure.

Earlier this month a report ruled that "many uncertainties and risks remain", with the Court saying spending had risen by two thirds since proposals were initially set out for a Paris Olympic bid in 2017.

Moët champagne would be a part of any sponsorship deal, it has been reported ©Getty Images
Moët champagne would be a part of any sponsorship deal, it has been reported ©Getty Images

The Games have a sponsorship budget which is estimated at €1.15 billion (£1 billion/$1.2 billion), with the Court expressing optimism about a possible LVMH deal.

Any agreement would focus on huge fashion brands Louis Vuitton and Dior, it is thought, as well as Moët champagne.

Antoine Arnault's priority will be to present LVMH as a "purveyor of craftsmanship and French heritage", Reuters said.

He will also be keen to avoid "overly conspicuous brand logo displays" as these could "cheapen" the company's image.

Paris 2024 Organising Committee President Tony Estanguet, a triple Olympic canoeing champion, said a sponsorship agreement with LVMH was not a "done deal".

"It takes time," he said.

"But we want to make sure that this partnership makes sense and is balanced."

Forty-six-year old Antoine is the second oldest of Bernard Arnault's children.

He is head of communications, image and environment for LVMH and chief executive of Dior.

Antoine is also the chief executive of leather brand Berluti and chairman of cashmere manufacturer Loro Piana.