July 26 – Girondins Bordeaux, one of France’s most historic and iconic clubs, have filed for bankruptcy and dropped their pro team status just days after they were relegated to the third tier of French football and the owners of Liverpool withdrew from takeover talks.
Earlier this month the six-time French champions were demoted from Ligue 2 to the semi-professional third tier due to financial concerns and once plans for Liverpool owner Fenway Sports Group to bail them out fell through, it effectively ended the club’s survival hopes.
“While discussions had resumed in recent days, FSG representatives indicated (on) Monday July 22 to FC Girondins de Bordeaux and its shareholder their desire not to follow through despite the assurances provided by various stakeholders,” a statement said.
“It’s a difficult decision that anticipates an inevitable consequence of the restructuring process underway.”
As well as abandoning the professional status they have held since 1937, Bordeaux are having to close their renowned training academy, which has helped spawn the likes of Zinedine Zidane.
Bordeaux, who last won the title 15 years ago, were initially placed in administration in 2021 when American owners King Street declared they would be withdrawing financial support for the club.
The following year they were relegated to Ligue 2 despite managing to avoid bankruptcy but their failure to mount a return to Ligue 1 amid mounting debts played a key role in their demise.
All current players and staff will be released from their contracts, with players gaining free agent status and eligible to sign with any club.
Worse still, the club is now expected to appear in front of the commercial court next week which could well see it cease to exist with a rebirth then required.
It is the second time in consecutive years that a historic French club is close to going out of existence after FC Sochaux’s collapse last year.
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Source link : https://www.insideworldfootball.com/2024/07/26/no-white-knight-save-frances-girondins-bordeaux-file-bankruptcy/
Author : Paul Nicholson
Publish date : 2024-07-26 09:43:41
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