Bordeaux Avoid Receivership After Lopez Offer Approved

Muhammad Rameez Published June 23, 2021 | 12:28 AM

Bordeaux announced on Tuesday that they have avoided the threat of receivership after a deal between the former owners and a prospective buyer over debts and guarantees

Bordeaux, (APP - UrduPoint / Pakistan Point News - 22nd Jun, 2021 ) :Bordeaux announced on Tuesday that they have avoided the threat of receivership after a deal between the former owners and a prospective buyer over debts and guarantees.

The negotiations involved US owners King Street, financial backer Fortress and former Lille owner Gerard Lopez who is trying to take over the club.

The club said in a statement that its board, trustees and financial advisors had been satisfied by guarantees provided by Lopez, a Spanish-Luxembourgish businessman.

It stressed that "the takeover remains conditional on the finalisation of the usual contractual documentation".

Lopez must provide guarantees to pay the stadium rent (4.9 million Euros per year to the city) and convince the DNCG, French football's financial watchdog, that his plan is viable.

In April, the old owners, American financial group King Street, appointed an administrator, saying they had invested 46 million euros (55 million Dollars) since buying Bordeaux for 100 million euros in 2018 and wanted to get out.

Lopez, 49, was ousted as president of Lille last December. He had taken over in January 2017 and built the club into a Ligue 1 title contender while amassing debts of more than 120 million euros to another American investment company Elliott Management.

Lopez also owns Mouscron in Belgium and Boavista in Portugal and has owned motor racing teams.

Bordeaux were founded in 1881 and have won six French league titles. After flirting with relegation last season, they won their last two matches to pull five points clear of danger and finish 12th.

"We followed the case minute by minute... We spent sleepless nights... We trembled until the last minute... But we can confirm that Gerard Lopez has bought the club. And even if no one can predict the future, it's a huge relief!" tweeted the Ultramarines, the club's main supporters' group.