In a context of acute sports crisis, the American investment fund King Street announces that it no longer wishes to "finance" the Girondins de Bordeaux club, of which it is the owner. The club mentioned in a press release "the economic context linked to the Covid-19 pandemic and (the) withdrawal of Mediapro (having) caused an unprecedented drop in revenues for French football clubs".
The American investment fund King Street, owner of Bordeaux (1st French football div.), Said Thursday that it "no longer wishes to support the club and finance the current and future needs" of the Girondins, placed under the protection of the Bordeaux Commercial Court.
"An ad hoc representative has been appointed (who) will be responsible for assisting FC Girondins de Bordeaux in its search for a lasting solution", explained the club in a press release, referring to "the economic context linked to the pandemic of Covid-19 and (the) withdrawal of Mediapro (having) caused an unprecedented drop in revenues for French football clubs ".
Sports crisis
This announcement comes in the context of an acute sports crisis - Bordeaux is 16th in L1 and struggles to maintain it - and very strong tensions between President Frédéric Longuépée and the Ultramarines, the main group of supporters, exacerbated since the end of 2019 and a matter of Ticketing.
The crisis worsened in the spring of 2020 with the broadcast of the "Girondins leaks", a series of audio recordings, resulting from private meetings held between December 2019 and March 2020 between Bordeaux leaders and club subscribers, and broadcast by the Ultramarines on social networks.
King Street was the sole master on board in Bordeaux since he bought his shares in the American fund GACP (General American Capital Partners) from Joe DaGrosa, with whom he had taken over the club in 2018, until then owned by the M6 channel.