Such a great gesture! And definitely that last chance. Girondins de Bordeaux and his creditors, US investment funds Fortress and King Street, have reached a new agreement over the club’s financial debt. According to the information received from 20 minutes, The latter agreed to go to great lengths to try to save Marine et Blanc by giving up… 75% of it! It will simply rise from 53 million euros to 13.5 million euros. An exceptional decision for an investment fund!
To be very precise, in this reduction of 39.5 million euros, Gerard Lopez will take 5 million euros at his expense thanks to the transfer of ownership with a perfect mandate and you will get 8 million euros on the return clause. With better luck (that amount will go to King Street and Fortress) should the Girondins de Bordeaux rise to Ligue 1 within two years. In the end, the two American investment funds will carry half of the financial debt of the club, that is, 26.5 million euros. Why this gesture? And why are you late? Close to file details:
It’s simple, they were against the wall. Either they did nothing, the club certainly sank and lost 53 million euros while they badly tarnished their image. Either they made a move, helped the club out of it while it hoped to recover half of that debt by 2025 [l’échéance de remboursement n’a pas changé] »
Agreement submitted to the Commercial Court on Friday
To accomplish this essential gesture of club survival, Gerard Lopez and his teams had to make their way out of their way to Fortress and King Street. The Spanish-Luxembourgish businessman made a “deal” with them. He put €14m in cash on the table to cover player sales this summer and in return the money has put that effort into debt. This gesture also shows that they decided not to leave the club in an open country. Girondins sent an application on Tuesday to the Bordeaux Commercial Court to have this agreement legally recognized as a precedent that was submitted to the DNCG Appeals Committee.
But this time, the leaders not only intend to obtain a court order, but also intend to issue an express ruling on the conciliation agreement that was opened on June 13 with the club’s creditors according to information received from 20 minutes. This agreement will also include the €14 million withheld by Gérard Lopez and will be closed by the conciliators during Friday’s hearing before being presented to CNOSF next Tuesday. Something reproached the club DNCG on the appeal.
The financial situation has not been so good for four years
With these new conditions, Marine et Blanc would find a financial situation that would not have been good at all for over four years and sold the M6 Club to US investment funds (GACP and King Street at that time). In addition, such a significant reduction in the financial debt of the club will inevitably have very positive consequences for the famous capital of Girondin, which is closely monitored by the DNCG. At the moment, Bordeaux’s file looks very solid when appearing before CNOSF in order to seek mediation with the French football financial policeman after the managerial downgrade to National with a possible bankruptcy filing and judicial liquidation.
In the event that a favorable opinion is obtained from the CNOSF, it will be up to the Comex of FFF to verify whether or not the Girondins de Bordeaux is returned in Ligue 2. Then the judge in the Chambers of the Administrative Tribunal to have an administrator. Suspension of demotion. But at the moment, with the new guarantees offered, no one at the club imagines going that far.