Ligue 2 / National 1: Bordeaux, 5 questions on a relegation

Why did the DNCG sanction Bordeaux?

It’s a “abrupt decision“, according to the terms used by the Bordeaux management in its press release in reaction to the sanction imposed by the DNCG, the relegation to national team 1. But the French football financial officer could hardly be lenient with the Girondins. He was waiting for the 40 million euros needed to allow the club to finance his season in Ligue 2 in 2022-23, but Gérard Lopez, who planned to finance this sum up to 10 million euros from his own pocket, and 30 million euros through an agreement with his the creditors, according to information from L’Equipe, ended up empty-handed in front of the DNCG.

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The president of the Girondins, accompanied by his lawyers, however, presented a financing project through agreements envisaged with King Street and Fortress, his two creditors. He did not convince the DNCG because Bordeaux’s financial situation is catastrophic. According to data communicated by the AFP, the club with the scapular shows 65 million euros of debts and 40 million euros of transfer deficit excluded, not to mention the 40 million euros needed to play in L2 next season. The DNCG could not give its approval in the face of such a report.

How did Bordeaux get there?

It is the result of poor strategic choices that 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 has finally accelerated the club’s downfall. She “derives from an original sin during the sale of the club by M6 and above all from the absence of serious management by Anglo-Saxon investment funds, with no experience in European professional football, which dug not counting the club’s deficit“, According to Alain Anziani, president of Bordeaux-Métropole, quoted by the AFP.

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The payroll in particular has reached dizzying heights and the Girondins, unable to obtain sporting results on the ground, have not been able to mitigate this phenomenon. Even the acquisition of finance management by the King Street creditor fund did not stop a descent into hell accentuated by the Covid crisis and the Mediapro affair. The gamble attempted by King Street and Fortress to hand the club over to Gérard Lopez was a monumental failure with a descent to Ligue 2 at stake, and all that that implies in terms of financial loss for Girondins. So many bad choices that explain why Bordeaux was blocked by the DNCG.

What is Lopez’s plan?

To find the 40 million euros needed to keep Bordeaux in Ligue 2, the president of the Girondins therefore envisages 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. L’Equipe indicates that Lopez is in talks with the great Bordeaux vineyards to be able to take the 10 million euros out of his pocket. As for the negotiations with King Street and Fortress, they are all the more complicated since the Bordeaux club already owes its two creditors € 50 million, as the sports newspaper points out.

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Much will therefore depend on Lopez’s ability to strike a deal with King Street and Fortress. The Bordeaux president is not necessarily in a weak position. Because the two investment funds risk never seeing the money the club owes them if Bordeaux were to be relegated to the national team. “The good thing about this very tough decision is that it forces the hand of the lenders and the club to find a better dealexplains Lopez’s entourage, quoted by L’Equipe. It is this or nothing for anyoneLopez is likely counting on this situation to force King Street and Fortress to fund much of the plan Bordeaux must present to the DNCG, but if they refuse, Lopez appears to be running out of solutions.

Can selling players prevent relegation?

It is already unlikely that Bordeaux will be able to recover € 40 million by selling their players by 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, bonus included. Bordeaux had negotiated a percentage on the resale at the time of the transfer to Monaco and must recover € 11 million in the transaction. But this sum, according to L’Equipe, will serve to repay part of the club’s debt to King Street and Fortress and therefore does not fall within these famous 40 million euros. Despite everything, Bordeaux can take advantage of the transfer window to get some air.

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

What if Bordeaux does not find the 40 million euros?

Obviously, that would be the worst case scenario. Because the fall of Bordeaux will not stop at relegation to the national team 1. The TV rights in this competition, which amount to 2 million euros, would not allow the Girondins to have the financial windfall for their operation. The club would then be forced to file for bankruptcy before the commercial court, undergo a receivership procedure and then expose itself 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, has shown his optimism in view of the acceptance of a financing plan by the DNCG. “This is a scenario that seems entirely possible to me.he estimated. I don’t think there will be a liquidation, my ears are a little dangling, I know some are interested in taking over the club“This is all Bordeaux and their supporters can hope for at this stage.

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