FC Girondins de Bordeaux
Gérard Lopez acquisition · 23 Jun 2021
- Buyer
- Gérard Lopez
- Seller
- King Street Capital Management (with Fortress Investment Group as a related creditor/financing party)
- Stake acquired
- —
- Control
- Yes
- Reported consideration
- Undisclosed
- Implied equity value
- —
- League
- Ligue 1
- Country
- France
- Confidence
- LOW
Gérard Lopez took control of FC Girondins de Bordeaux from King Street Capital Management (with Fortress Investment Group as a related creditor/financing party) and others through a court-supervised process, announced 23 Jun 2021, closing 23 Jul 2021.
The purchase consideration was not disclosed. ~€20m of new capital went into the club.
- Announced
- 23 Jun 2021
- Closed
- 23 Jul 2021
- Stake after transaction
- —
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2020/21
Revenue
Wages
EBITDA
Net debt
Net income
This is a textbook case of 'consideration ≠ headline number.' Bordeaux was not sold for a clean equity purchase price: King Street withdrew financial support in April 2021, the club entered a court-supervised (mandataire ad hoc) process with Rothschild running the sale, and Gérard Lopez's takeover was approved by the DNCG (July 12, 2021) and then the Bordeaux tribunal de commerce (July 23, 2021).
- Le Petit Lillois — 'Le plan de Gérard Lopez pour le rachat de Bordeaux' ↗Tier 5 · specialist media
2021-06-23 · fr — “Details Lopez's funding plan: €7.5m of his own money, €2.5-5m from a collective of Aquitaine entrepreneurs, €10m in state 'fixed costs' aid, totalling 'more than €20 million' in equity/working capital, plus approximately €20m borrowed from King Street and Fortress (the outgoing owners) as part of the takeover financing.”
- France 3 Nouvelle-Aquitaine (franceinfo) — 'Feu vert du tribunal de commerce : Gérard Lopez officiellement propriétaire des Girondins de Bordeaux' ↗Tier 3 · regional media
2021-07-23 · fr — “Confirms the Bordeaux tribunal de commerce approved Gérard Lopez's takeover of FC Girondins de Bordeaux on Friday, July 23, 2021, formally concluding the ad hoc mandate process opened after King Street's April 2021 withdrawal of support.”
- August Debouzy law firm — 'August Debouzy a accompagné Gérard Lopez nouveau propriétaire du FC Girondins de Bordeaux' ↗Tier 2 · legal advisor announcement
2021 · fr — “Deal-counsel announcement confirming August Debouzy advised Gérard Lopez (restructuring, financing, corporate and tax) on becoming the new owner of FC Girondins de Bordeaux, with the takeover validated by the Bordeaux tribunal de commerce on July 23, 2021, following DNCG approval of the takeover project on July 12, 2021. Does not disclose financial terms.”