French Club Girodin Bordeaux has declared bankruptcy and dropped their professional team status just days after being relegated to France's third tier and losing a potential takeover deal with Liverpool's owner. The former Ligue 1 club announced the news on Thursday.
Earlier this month, Bordeaux, a six-time French champion, was demoted from Ligue 2 due to financial issues. The situation worsened when Liverpool's owner, Fenway Sports Group, withdrew from negotiations to buy the club, effectively ending their hopes of survival.
In a statement, the club acknowledged that the decision was a tough but necessary step in light of their ongoing restructuring process The statement read "It's a difficult decision that anticipates an inevitable consequence of the restructuring process underway,''
Bordeaux will also forfeit their professional status, which they have held since 1937, and close their esteemed training academy that has produced stars like Bixente Lizarazu, Jules Kounde, and Zinedine Zidane.
