He thus evokes the “dismay” of the Girondins in the face of “this brutal decision”. Within the financial policeman of French football and the League, these semantic choices triggered some yellow laughter. Because we expected to see Gérard Lopez arrive with 40 million euros to fill the hole of the past season. The Bordeaux boss was finally empty-handed or almost.
In their camp
He assures him that he has presented “a re-engagement of ten million euros” via his Jogo Bonito holding company, a version disputed by several sources, who have not seen any proof of transfer to the club’s accounts for example. He also mentioned purchase offers for players (but without pre-financing via sums blocked in an escrow account) and the agreement with creditors King Street and Fortress to transfer half of the debt (26 out of 52 million) from the club to Jogo Bonito. It was far from enough.
The end of the press release clearly puts the ball back in the court of the two American funds. They are encouraged to reduce their debt (which would improve the debt ratio), or to guarantee the amount of expected sales of players, and above all to waive the profit-sharing on the sales of Aurélien Tchouaméni and Jules Koundé (about fifteen million euros). Even to provide a binding letter of guarantee, while the DNCG remembers that issued by King Street in 2020 eight months before he let go of the club.
The roles reversed
In the case, Gérard Lopez underlines all that he himself has undertaken to carry out his second rescue operation, and tries to force Fortress and King Street to make a gesture to avoid filing for bankruptcy and therefore the loss of their debt. . This approach reverses the pressure… and the roles. Because it is in theory to the businessman, as president and owner, who is responsible for ensuring the smooth running of the company and making up for any deficits.
The two funds have largely fulfilled their part of the contract for a year: they sat on 70 million debts at the time of the takeover (figure delivered by Gérard Lopez to “Sud Ouest” in October) and they recently accepted that half of the current debt (i.e. 26 million) be transferred from the club to Jogo Bonito. They placed their trust in Gérard Lopez whose undeniable sporting failure contributed to weakening the finances a little more.
The silence of the funds
It remains to be seen how Fortress and King Street will react. Can the threat of losing everything work? Their reputation will be (a little) damaged in the eyes of their investors, and… that’s it. They have probably already provisioned any losses or a good part of them, not to mention the multiple interests and dividends received since 2018. Above all, they are only creditors, and no longer (for King Street) shareholders, which limits their liability. None of their representatives responded to our requests.