Jnever since the end of July have the leaders of the Girondins de Bordeaux gone so calmly to a hearing at the Bordeaux Commercial Court. They are expected this Tuesday afternoon for a pivotal meeting marking the end of the first six-month observation period launched with the opening of the judicial recovery on July 30. They will request, as the procedure allows, its renewal for an additional six months (i.e. until July 30). This period of time, during which the debts will remain frozen, should allow them to finalize the negotiation with the creditors and to put in place a continuation plan which they will present to the court.
Is a bad surprise possible? Except for a huge twist, no. While the representatives of the Bordeaux club were already in court last Tuesday for a preparatory meeting with the legal actors (commissioning judge, prosecutor, administrators, agent), no request for liquidation was sent.
New contribution in June
Within a fortnight, the leaders respected the commitments made on October 29 during an intermediate meeting. On January 9, 830,000 euros of the second payment of the transfer of Zuriko Davitashvili to Saint-Etienne, originally planned for the next state, were paid by factoring (advance by a bank). The next day, the president-shareholder Gérard Lopez transferred 800,000 euros, after the million euros from the start of the procedure in August. The club also collected at the start of the year the 2025 share of the profit-sharing on the transfer (in 2022) of Jules Koundé from Sevilla to FC Barcelona, to the tune of 1.1 million euros.
“These receipts must help maintain positive cash flow at least until the end of May”
These gifts, which came to top up a positive account of one million euros at the end of December, should make it possible to regularize by the end of February at the latest the sums due immediately following the social plan: balance of all accounts (leave, RTT, bonuses) of employees leaving and especially compensation exceeding the ceiling covered by the AGS (salary guarantee), estimated at 3.6 million euros at the last hearing.
-These revenues must also help maintain a positive cash flow at least until the end of May to finance the lifestyle of a club which now has 10 administrative employees and 32 sports employees (players and staff). Internally, we ensure that everything is under control. The cost of January recruitment – striker Étienne Beugre signed a contract at 10,000 euros gross per month – is included in the projected payroll and the uncertainties must in particular be covered by ticketing revenues higher than forecasts.
In court this Tuesday, Gérard Lopez should, however, commit to returning to the pot to ensure the transition between the two seasons for June and July (with bonuses, in particular). A need estimated to date at 600,000 euros. According to the club, it was planned from the start in the plan presented to the court and to the DNCG which regulates the payroll. A meeting has also been set with the financial policeman in February.
Debt negotiations
Will Gérard Lopez still be in charge in June? This will not be the central news of the court this Tuesday, which will focus first on the cash flow and the progress of the steps launched with a view to exiting the procedure. But this is the question that will animate the next four months. The liability verification phase, estimated at 118 million euros last summer, is coming to an end. The “landing” of the amount of debts remaining after negotiations remains to be specified.
The managers hope to drop to 25-30 million euros (to be repaid over 10 years maximum) and submit their repayment plan in mid-April to obtain court approval at the end of May or beginning of June, before going before the DNCG. They will then have to announce who will finance this plan and who will sign the AGS reimbursement check (approximately 8 million euros): Gérard Lopez alone, Lopez with a new minority shareholder or a new majority shareholder who has reached an agreement with the current owner to take the majority of shares and control of the club.
