July 17 – Liverpool owner Fenway Sports Group (FSG) has got cold feet in France and pulled out of negotiations to buy Girondins de Bordeaux.
The US group cited uncertainty in the French football model and “significant stadium costs” in the future as the reason for their decision.
The LFP’s (Ligue de Football Professionnel) TV deals for next season are currently up in the air after there were no takers at the €1 billion price tag the LFP had put on the fights, while venture capitalists CVC, who bought a 13% stake in the league’s commercial arm for $1.5 billion, has also expressed concerns over its investment.
FSG, which also owns MLB team Boston Red Sox and the NHL franchise Pittsburgh Penguins, had announced plans to acquire another club when they appointed Michael Edwards as their CEO of football earlier this year.
The withdrawal of FSG creates an unwelcome problem for Girondins as it prepares for its appeal against demotion to the French third tier over financial concerns about the viability of the club going forward.
France’s DNCG [Direction Nationale du Controle de Gestion] appeal committee, at a hearing on June 27, had granted a stay of proceedings for Girondins to provide the guarantees for the financing of the 2024-2025 season.
However, for the moment, the club has been relegated to the National Championship 1.
This is the second time they have face ‘financial’ relegation. They were relegated to the third tier before the 2022-23 season began due to concerns over the reported debts in the region of €40 million. They were later reinstated in Ligue 2 after putting together a debt restructuring plan.
A club statement said: “FC Girondins de Bordeaux and its shareholder have been informed by Fenway Sports Group of its intention not to pursue the discussions initiated in recent weeks with a view to buying the club. This decision is explained in particular by the significant cost of the stadium in the years to come, but also by the general economic context of French football…
“The Club and its shareholder are now putting all their energy into finalising a financing plan for the 2024/2025 season in preparation for the appeal hearing.”
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