Ligue 1 club Bordeaux go into administration after owners pull financial support

Along with costs associated with the pandemic, French clubs were hit by a broadcasting deal collapse

Rohith Nair
Thursday 22 April 2021 21:01
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<p>Bordeaux forward Hatem Ben Arfa</p>

Bordeaux forward Hatem Ben Arfa

French side Girondins de Bordeaux have been placed in administration after its owners, investment management firm King Street, said they no longer wished to support the club financially, the Ligue 1 side said on Thursday.

The former French champions have been struggling financially due to the impact of the COVID-19 pandemic and the premature end to the 2019-20 season also resulted in a loss of income when the league season was cancelled.

Their problems were compounded when Spanish media rights agency Mediapro, which had won TV rights for a record 780 million euros ($936.23 million) per season over the 2020-2024 period, went bankrupt and missed payments last year.

“While Bordeaux is strongly impacted, King Street, its shareholder, after having invested 46 million euros in the club since its takeover, has let it be known that he no longer wishes to support the club and finance its current and future needs,” the club said.

“These circumstances led the president to protect the club by placing it under the protection of the Bordeaux Commercial Court.

“An ad hoc representative has been appointed, he will be responsible for assisting Bordeaux in their search for a lasting solution.”

Bordeaux last won the title in the 2008-09 season but are 16th in the Ligue 1 standings this season, five points above the relegation zone.

Reuters

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