King Street withdraws from the Girondins de Bordeaux. The club is placed under the protection of the Bordeaux Commercial Court.
Thunderclap in Gironde. The American investment fund King Street is withdrawing from the Girondins de Bordeaux, the club announced in a press release on Thursday, April 22, after having bought the club just over two years ago. In recent months, the shareholder from America had repeatedly covered the significant deficit in Bordeaux. The club is placed under the protection of the Bordeaux Commercial Court.
In a press release published this Thursday, the FCGB announces that King Street is stepping down. “The economic context linked to the Covid-19 pandemic and the withdrawal of Mediapro caused an unprecedented drop in revenues for French football clubs“, explains the club, before adding:”While FC Girondins de Bordeaux is strongly impacted, King Street, its shareholder, after having invested 46 million euros in the club since its takeover, has indicated that he no longer wishes to support the club and finance its current needs and future “.
The American investment fund, General American Capital Partners (GACP Sports LLC) had bought the club at the dawn of the 2018-2019 season.
After this announcement, the president of the FCGB, Frédéric Longuepée, declared that his club was placed under the supervision of the Commercial Court of Bordeaux: “An ad hoc representative has been appointed. He will be responsible for assisting FC Girondins de Bordeaux in their search for a sustainable solution.“.