Samuel Kalu’s French side Bordeaux enter administration
Samuel Kalu’s French side Girondins de Bordeaux have been placed in administration after its owners, investment management firm King Street, said they no longer wished to support the club financially, the Ligue 1 side said on Thursday.
The former French champions have been struggling financially due to the impact of the Covid-19 pandemic and the premature end to the 2019-20 season also resulted in a loss of income when the league season was cancelled.
Their problems were compounded when Spanish media rights agency Mediapro, which had won TV rights for a record €780 million per season over the 2020-2024 period, went bankrupt and missed payments last year.
“While Bordeaux is strongly impacted, King Street, its shareholder, after having invested €46 million in the club since its takeover, has let it be known that he no longer wishes to support the club and finance its current and future needs,” the club said.
“These circumstances led the president to protect the club by placing it under the protection of the Bordeaux Commercial Court.
Africa Top Sports – Bordeaux : Samuel Kalu de retour après cinq semaines d’absence https://t.co/KH868I8len pic.twitter.com/d6yKUEdEpc
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“An ad hoc representative has been appointed, he will be responsible for assisting Bordeaux in their search for a lasting solution.”
Bordeaux last won the title in the 2008-09 season but are 16th in the Ligue 1 standings this season, five points above the relegation zone.