September 7 – US investment fund Park Bench has pulled out of a proposed rescue of Girondins de Bordeaux after the club failed to regain a place in the French national league, with liquidation now closer than ever for the storied club.
Park Bench had been working alongside British fund Sparta Capital on a takeover structure, but it was dependent on Bordeaux being readmitted to one of France’s domestic divisions this season.
Having been kicked out of domestic competitions and having exhausted all possible avenues of appeal to return to Championaat National 1, the French Football Federation (FFF) last week refused to consider Bordeaux’s inclusion in National 2, insisting that doing so would be an act of “arbitrary power” as it had been legally advised there was “no safe route” to explore the matter.
With Bordeaux officially stuck in the regional leagues, Park Bench has now left, and his investment has always been conditional on Bordeaux competing in a domestic league.
The decision is a major setback as Park Bench has already been involved in funding the club’s current operations. At Sparta, he had helped cover overdue wages and supported efforts to prove that Bordeaux could finance the new season.
The investors had also put up significant financial guarantees, including €10.6 million in collateral and another $10 million with JPMorgan.
The club reacted angrily to the FFF’s decision, arguing that their improved financial situation had not been adequately considered. “A club founded in 1881, six times champions of France, cannot be sent into liquidation after a meeting of a few minutes,” it said in a statement, but that is exactly what looks set to happen, with Park Bench’s departure leaving Sparta with a much more difficult job if they want to go ahead with a takeover.
Bordeaux is still operating under a court-approved continuation plan after entering a judicial restructuring in 2024. Its debts were reduced from nearly €94m to around €26m, which must be paid over several years. However, regional Tier 1 revenue is making it difficult for the club to stick to its financial responsibilities, with the risk of liquidation now back in the picture and perhaps closer than ever.
But the liquidation may not mean the end of Bordeaux football. Some reports say a separate group of local investors has made €5 million available to help preserve the club if the current venture fails.
Contact the writer of this story, Harry Ewing, at (email protected)
