In Bordeaux, another late turn is being explored behind the closed doors of a club already pushed out of the national game. Park Bench has resumed talks over a takeover of Girondins de Bordeaux, with debt reduction and the threat of liquidation now at the centre of the negotiations.
Bordeaux return to the commercial court
Girondins officials are due at Bordeaux Commercial Court at 5pm on Thursday for an information hearing. While no ruling is expected at this stage, the meeting will address the renewed discussions between owner Gérard Lopez and the British investment fund Park Bench.
The club has been condemned to regional football after the French Football Federation’s executive committee confirmed its exclusion from the national championships on 3 September. Yet Park Bench returned to the table only a day after initially withdrawing from the proposed transaction.
On 5 September, Park Bench representatives Jeremy Green, James Bord, Evan Sofer and Felix Roemer had said they would not proceed with the planned deal. Direct negotiations with Lopez restarted the following day.
Both sides are seeking to avoid judicial liquidation of the company operating Girondins de Bordeaux. Park Bench has indicated it could support the club even in Régional 1, but only under a substantially revised financial model with different liquidity requirements.
Four routes to ease Bordeaux’s debt burden
Park Bench has spent around 10 days attempting to reshape the conditions of Bordeaux’s continuation plan, which currently covers €26 million of debt to be repaid over 10 years.
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Stadium liabilities: Bordeaux owe Bordeaux Métropole €3 million in Stade Atlantique rent over the course of the plan. There is also €800,000 outstanding for the 2025-26 season and a further €500,000 required to use the stadium in 2026-27. Métropole president Thomas Cazenave is prepared to consider additional concessions.
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Longer repayment period: The fund is examining an extension to the continuation plan, which is currently scheduled to end on 24 June 2035. Such extensions are rarely approved by commercial courts.
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Fortress debt: Park Bench is considering buying the remaining €2.5 million claim held by Fortress, potentially paying it in full. Fortress has priority status in the repayment order, and removing that position could give a new owner more financial room.
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Petkovic employment dispute: The fund has tried to contact former coach Vladimir Petkovic in pursuit of a settlement over his case with the club.
Petkovic appeal remains a major risk
Petkovic and his assistant Antonio Manicone were dismissed on 6 February 2022. They are seeking €15 million in compensation.
The pair lost their first-instance case on 29 November 2024, but filed an appeal in January 2025. A negotiated agreement with Petkovic would remove one of the major legal uncertainties hanging over the club’s future.
However, the other three elements of Park Bench’s plan depend on a substantial formal alteration to the continuation agreement. Lopez is the only person able to submit that request, as he remains responsible for the commitments made under the existing plan.
Final chance for a takeover
Park Bench’s renewed approach represents a final attempt to find a route through Bordeaux’s summer crisis. If a sale cannot be agreed and the debt structure cannot be altered, judicial liquidation of SA Girondins de Bordeaux may become unavoidable.
SEO Title: Park Bench Reopens Bordeaux Takeover Talks as Liquidation Threat Grows
SEO Description: Park Bench is back in negotiations to buy Girondins de Bordeaux, with €26 million in debt, stadium costs and the Vladimir Petkovic case central to the club’s survival.
