The commercial court approves the club’s rescue plan

On Thursday, the Girondins de Bordeaux club will be before the French National Olympic and Sports Committee (CNOSF) to defend themselves against their administrative demotion to National, the 3rd division. This Tuesday, they obtained a small victory on the financial side, the Bordeaux commercial court having indeed approved its rescue plan.

The administrative judges have indeed recorded the agreements made by the Girondins and its creditors, King Street and Fortress, ending the conciliation procedure opened on June 13. This judgment relates to three points: a capital increase of 10 million euros via the company Jogo Bonito of the owner Gerard Lopez, the restructuring of the debt by abandonment of 75% of this debt by the American creditors (of 53 million euros to 13.5 million euros) and finally the sequestration of 14 million euros as a guarantee if the sales of players planned during the summer transfer window were not carried out.

Response Friday at best

For the club’s lawyer, Laurent Cottret, present Friday at the commercial court, the approval confirms “that there is no cessation of payments by the debtor, that the terms of the agreement are such as to ensure the sustainability of the company’s activity and that these agreements concluded do not pose any prejudice to a third party”.

With this judgment under their arms, the leaders of the Girondins hope to convince the members of the CNOSF who should give their answer at best on Friday evening. If it is favorable, they will have to wait for the validation of the Executive Committee of the French Football Federation which meets on July 25, five days before the first day of L2.​

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