Bordeaux sale to U.S. investment fund delayed by mayor
The sale of Bordeaux to an American investment fund has been postponed after the French city's mayor intervened.
General American Capital Partners (GACP) had been due to hear from Bordeaux Metropolitan Council on Friday whether their proposed takeover of the six-time Ligue 1 champions could go ahead.
The council had been expected to give the go ahead, but the vote has now been put back until Oct. 12 after Bordeaux mayor, Alain Juppe, removed it from the agenda.
"It's not an act of caution, but clarification," Juppe is reported as saying by L'Equipe.
Juppe reportedly wants GACP to explain how they intend to make a €10 million saving this year as they have stated, and also clarify the debt the club would owe Fortress Investment, one of GACP's two financial partners.
Juppe had expected the club to be free of debt when current owners, TV channel M6, left, but said: "I discovered today [Thursday] in a document dated some days ago that is not the case."
The head of GACP, Joe DaGrosa is now due to face the council and answer their questions the day before the vote next month.
"I have every reason to think the buyer is of good faith," Juppe said. "They are committed to running the club for four, five years. If that's the case, they want to sell it for more than they bought it for. That means there's a development project, that they're motivated and that the offer is serious."
He said that the sale had been given "an amber light," but added: "that doesn't mean it won't go green again."