Bordeaux have folded . The club informed the FFF that it was renouncing its professional status, obtained in... 1937.
Player contracts will be terminated and the training center closed, in order to reduce financing needs.
Reading around about this story, it seems to me that the team really hasn't been financially viable for a long time. They were owned by a media group that was fine with covering the loss, until they weren't. Sold to this Gerard Lopez clown, and I am sure he takes all the blame, but I am willing to bet that the most recent TV deal is why the takeover fell apart. Week or so ago Ligue 1 finally got a TV deal, for half what they were hoping for.
Several French clubs could be facing bankruptcy because of less TV money than they thought.
I went down a rabbit hole after reading about
Everton's current mess
The Everton mess is rough, because money won't clear everything up. Everton owner Moshiri, who was just a front for a Russian oligarch, accepted loans from 777 Partners, the Miami-based group that put in the offer, and 777 Partners gave those loans with money borrowed from some equally shady insurance conglomerate.
The hassle is, you cannot buy a team, and get creditors to settle on debt forgiveness, if no one knows who owns the debt.
The debt to 777 was accrued in chunks of £20m-£25m between September 2023 and May of this year, a nine-month fever dream during which Moshiri tried to convince himself and the Premier League that the Miami-based investment firm could afford an asset this precious (
narrator: it could not and is now in the hands of insolvency experts, sparking crises at the various airlines, insurance companies and sports teams it owned).
But most of that money, like most of the money 777 invested in all of its other ventures, was somebody else’s money… and that somebody is A-Cap, an insurance group based in New York.
With its future in some doubt, largely thanks to its exposure to 777, A-Cap has taken control of 777’s assets and is trying to recoup as much money as it can. Those loans to Everton are assets and they are currently doing sterling work on A-Cap’s balance sheet at full value.
Nobody buying Everton, however, would want to pay that amount back — not least because 777’s security was junior to MSP’s and is still junior to RMF’s.
But who would a buyer do a deal with? A-Cap, right? If only it was that simple.
To cut a long story short, 777 left quite a trail of disgruntled customers and investment partners. The most disgruntled and frightening of those is Leadenhall Capital Partners, a London-based investment firm that specialises in the insurance industry.
In a blistering lawsuit filed in New York in May, Leadenhall accused 777 and A-Cap of fraud. The central claim is that 777 borrowed hundreds of millions of dollars from Leadenhall secured on assets it had already used as security on other loans, most notably from A-Cap. Known as “double-pledging”, it is like you or I mortgaging our house with multiple banks. And, if that is not serious enough, Leadenhall says 777 also used collateral it did not even own to secure loans.
777 and A-Cap have denied these claims, but the matter is being argued in a district court in New York. A settlement conference — a last chance for the parties to come to a deal — was scheduled for last week. I think we can assume no deal was reached.
So does TFG, or anyone in TFG’s shoes, do a deal with 777, A-Cap, Leadenhall or the court? Whose £200m is it really?
The uncertainty does not stop there, though, as there is a very real possibility that once Leadenhall’s civil case is resolved, the U.S. Department of Justice will file criminal charges.