Elan Béarnais: CSG chief says he’s ‘open to discussion and sale’

David Otto, CEO of Counterpointe Sport Group (CSG), owner of Elan: “Yes, that’s the idea although we haven’t made the final decision yet. We still have ten days to do that.

In your opinion, what is the motive behind this new rejection by the LNB?

On Monday we have…

David Otto, CEO of Counterpointe Sport Group (CSG), owner of Elan: “Yes, that’s the idea although we haven’t made the final decision yet. We still have ten days to do that.

In your opinion, what is the motive behind this new rejection by the LNB?

On Monday, we showed the National Bank of Libya a breakdown of close to €1.9 million in capital and guarantees. But the university did not change its mind. They seem to be concerned about the budget, as we couldn’t include support from the City of Pau (Editor’s note: it’s actually Agglo), because the city has yet to vote again for support for next season. It creates a huge hole in our budget, our project depends on this money. It frustrates our financial expectations.

What are your relations with the city and Agglo de Pau?

We disagree, we are not at war. We are currently preparing a letter to the city to tell them that it is not really appropriate to withdraw this support. And we are concerned that there has been a lot of interference, which has been damaging to CSG and its business. Going to court is not our preferred route but we believe there are issues that have led to legal complaints. It is still confidential but several parties have already received a potential draft complaint, which we sent to them yesterday.

The Pau conglomerate is still waiting for you to pay €600,000 to redeem its shares in SASP Elan Béarnais…

That’s right, we didn’t pay. The reason is that we had to deal with other commitments during the year that were not disclosed about the club at the time of the acquisition. As a result, we reconsidered the purchase price and entered into discussions with the city. It was an adjustment.

Will CSG be ready to continue the adventure with a club relegated to the lower division, to National 1? Because this is what will happen if you appeal and do not provide new financial guarantees…

We would like to continue the adventure with Elan Béarnais, but the problem comes from the lack of support, from the locals, from the patrons, from the city. There is a lot of negativity towards CSG, which makes any deal particularly difficult. Especially as our model requires commitment and trust from our sponsors and supporters. I don’t think it’s a cultural issue. On the athletic front, the team has achieved very good things. But on a financial level, things turned out to be complicated because we inherited a very confused situation. After a year of supervision and management, the situation was somewhat under control, and he needed a little more time and a little more money. But for LNB, it seems that it is above all about the guarantees to be given.

Would you like, as Mayor Pau calls, the buyer to come take over the club for you?

We don’t want that. But if there are buyers and they want to talk to us about the acquisition, we’ll talk. But so far no one has contacted me. No one at all.

If anything happened, would your attitude be to get rid of the club and its debts?

There is debt, but it can be managed… What we need are passionate and committed people who believe in our project.

Have you set a resale price to potential buyers?

Not yet, but I can tell you that CSG is by far the biggest private investor of this club ever. No one has ever invested this much money in this team. Almost a million euros. Not to mention the additional costs.

Can you sell the club to a buyer within the next 10 days?

If the transaction is possible within ten days? Yes, easily, one day is enough to complete these papers. We are open to discussion and sale.”

The editorial staff advises you

The editorial staff advises you

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