League 2 / National 1: Bordeaux, 5 questions about a relegation

Why did the DNCG sanction Bordeaux?

It is a “abrupt decision“, according to the terms used by the management of Bordeaux in its press release in reaction to the sanction imposed by the DNCG, the degradation to National 1. But the financial police of French football could hardly be lenient with the Girondins. He was waiting for the 40 million euros needed to allow the club to finance its season in Ligue 2 in 2022-23, but Gérard López, who had planned to finance this amount up to 10 million euros out of his own pocket, and 30 million of euros through an agreement with his creditors, according to information from L’Equipe, landed empty-handed before the DNCG.

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The president of the Girondins, accompanied by his lawyers, however, presented a proposed financing agreement with King Street and Fortress, its two creditors. He did not convince the DNCG as the financial situation in Bordeaux is catastrophic. According to figures released by AFP, the club with the scapular has 65 million euros of debt and 40 million euros of deficit not counting the transfer, not to mention the 40 million euros needed to appear in the L2 next season. The DNCG was unable to approve this report.

How did you get to Bordeaux?

It is the result of bad strategic decisions that have led to catastrophic financial management for four years and the sale of the club by M6. The choice of Nicolas de Tavernost, leader of the chain, to accept the offer of up to 100 million euros from the GACP investment fund finally precipitated the fall of the club. She “is the result of an original sin during the sale of the club by M6 and especially the absence of serious management by the Anglo-Saxon investment funds, with no experience in European professional football, which they dug without counting the deficit of the club.“, according to Alain Anziani, president of Bordeaux-Métropole, quoted by AFP.

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The payroll has reached remarkable heights and the Girondins, unable to get sports results on the field, have failed to mitigate this phenomenon. The takeover of financial management by the creditor fund King Street has not stopped a descent into hell accentuated by the crisis of Covid and the Mediapro affair. The bet that King Street and Fortress tried to entrust the club to Gérard López was a monumental failure with a relegation to Ligue 2 at stake, and all that entails in financial losses for the Girondins. So many bad elections that explain why Bordeaux ended up being set by the DNCG.

What is Lopez’s plan?

To find the 40 million euros needed to keep Bordeaux in Ligue 2, the president of Girondins plans, therefore, a personal investment of up to 10 million euros and the negotiation of an agreement with King Street and Fortress to find the remaining 30 million. The team indicates that López is in talks with large vineyards in Bordeaux in order to get the 10 million euros out of his pocket. As for negotiations with King Street and Fortress, they are all the more complicated as the Bordeaux club already owes 50 million euros to its two creditors, according to the sports newspaper.

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Much will therefore depend on Lopez’s ability to reach an agreement with King Street and Fortress. The president of Bordeaux is not necessarily in a weak position. Because the two mutual funds run the risk of never seeing the money the club owes them if Bordeaux went down to the National. “What’s good about this tough decision is that it forces the hand of the lenders and the club to find a better deal.explains the entourage of López, quoted by L’Equipe. Is that or nothing for anyoneLópez probably has this situation to force King Street and Fortaleza to finance much of the plan that Bordeaux has to present to the DNCG, but if they refuse, López seems to have run out of solutions.

Can selling players prevent degradation?

Bordeaux are unlikely to be able to recover 40 million euros by selling their players in the first half of July. And the situation is even more complex than that. The best example is the transfer of Aurélien Tchouaméni to Real Madrid, for 100 million euros, good included. Bordeaux had negotiated a percentage of resale by transferring it to Monaco and must recover 11 million euros in the transaction. But this sum, according to L’Equipe, will be used to pay part of the club’s debt to King Street and Fortress and, therefore, does not fit into this famous 40 million euros. However, Bordeaux can take advantage of the transfer market to get some air.

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He had also negotiated a percentage of resale in the transfer of Jules Koundé to Sevilla FC. If the French international, coveted by Chelsea and Barça, were transferred, this would allow the Girondins to recover some money. Bordeaux is also trying to sell its own assets. RMC said on Wednesday that the Girondins had set the price of Hwang Ui-Jo at 8 million euros, coveted by Nantes, Strasbourg, Montpellier and Troyes. Young Sékou Mara also has something to interest many suitors. But overall, Bordeaux’s sporting season has failed to inflate the market value of its players. And the clubs heading to Bordelais have every interest in waiting for the club to come down, instead of buying them now.

What if Bordeaux doesn’t find the 40 million euros?

Obviously, this would be the worst case scenario. Because the fall of Bordeaux will not stop with the descent to National 1. The television rights of this competition, which amount to 2 million euros, would not allow the people of Gironde to have the financial collection for its operation. At that time, the club would be forced to file for bankruptcy before the commercial court, submit to legal proceedings and, therefore, be exposed to liquidation.

Bordeaux is not there yet and the hope of finding another way out continues. Quoted by AFP, the mayor of Bordeaux, Pierre Hurmic, expressed his optimism in the face of the acceptance of a financing plan by the DNCG. “This is a scenario that I think is entirely possible.he loved. I think there will be no liquidation, I have a little ears left, I know that some are interested in taking over the club“This is all that Bordeaux and its fans can expect at this stage.

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