Bordeaux sold for €1 and Park Bench's hidden financial plan

Bordeaux's Girondins could soon change owners for a symbolic euro, with the American investment fund Park Bench close to finalising an agreement with Gérard Lopez. The announcement was made this week before the Bordeaux commercial court, according to Sud Ouest.

A sale for the symbolic euro

Presented as an almost free sale, the operation hides considerable financial commitments. The future buyer will not only take over the company's shares, but will also have to manage a continuation plan still burdened with roughly €26 million of debts.

According to L’Équipe, the amount of the debts would be reduced to around €13 million, with repayment spread over twelve years instead of ten. This reduction aims to ease the constraints in order to avoid a judicial liquidation that has threatened the club for several months.

A heavy restructuring plan

Gérard Lopez is expected to surrender his shares for a symbolic euro and waive his own claims, including the “clawback” clause that could have allowed him to recover part of the sums if the situation improved.

The restructuring also foresees a reduction of the debts owed to the State and URSSAF. However, the arrival of a new owner will not eliminate all of the club’s financial obligations.

An agreement has been reached with Vladimir Petkovic and his former assistant Antonio Manicone, who were dismissed in February 2022. The former coach will receive about €1.9 million and his assistant €250 000, far below the more than €15 million initially claimed.

The remaining claim against Fortress will be reduced from €2.5 million to €1.6 million, and other discussions are ongoing, notably regarding the rent for the Stade Atlantique.

All documents will need to be approved by the commercial court and the regional bodies before Bordeaux can actually start its season. Excluded from the national leagues after the decisions of the DNCG and the FFF, the Girondins are now set to restart at the regional level.