American investor Park Bench saves bankrupt Bordeaux for 1 euro
The glorious history of Girondins de Bordeaux, six‑time national champion, sharply contrasts with the current crisis: the club is being taken over for a symbolic fee of €1 by the American investment group Park Bench.
Financial takeover and debt burden
Park Bench says, according to a statement on the official website, that it is assuming the tens of millions of euros in debt from the current owner Gérard López. The transaction will only become final once the competition authority of the Nouvelle‑Aquitaine region has given its approval.
The French club has been struggling for a long time with serious financial problems. After losing its professional licence two years ago, Bordeaux was demoted to the fourth tier of French football.
In 2022 Bordeaux were relegated after thirty consecutive seasons in the top division, a dramatic drop for a club that once belonged to the elite of French football.
Bordeaux sold for one euro as French football faces historic crisis
The former club of the current French national team coach Zinédine Zidane is playing this season at the sixth level, highlighting the extent of the downward spiral.
Historically, Bordeaux was one of the most successful French clubs: the French title was won in 1950, 1984, 1985, 1987, 1999 and 2009, and the Intertoto Cup in 1995.
With the takeover, Park Bench hopes to stabilise the club and start a new chapter, while the debt burden of Gérard López is removed.