Bordeaux has 436 creditors: clubs, the tax authorities, and the local baker

The financial collapse of Girondins de Bordeaux once a pillar of French football is now unfolding in almost surreal detail.

Once a proud club that competed regularly in Ligue 1 and even the Champions League, Bordeaux is today the subject of a grim and complex judicial drama, with a staggering debt load of 94 million euros spread across no fewer than 436 creditors. French media reports have revealed the depth of the crisis, painting a picture not just of mismanagement at the top but of a financial catastrophe that now touches almost every corner of the club’s ecosystem from powerful institutions to local tradespeople.

Some of the largest claims come from familiar sources. Gérard Lopez, the club’s controversial owner, is himself the biggest creditor, still owed around 41 million euros. Lopez, who purchased the club in 2021 under promises of revitalisation, now finds his own investment under threat. Next in line are the owners of the Matmut Atlantique stadium, where Bordeaux play their home matches, with 20 million euros in unpaid rent still pending. And the French government is owed significant amounts as well: five million euros in unpaid VAT and another 3.3 million in social security contributions money that, in normal circumstances, would be non-negotiable.

Football-related debts are also stacking up. Several clubs, both domestic and international, are still awaiting transfer fee payments. Among them are Amiens (France), Maribor (Slovenia), and Sporting Gijón (Spain), all entitled to sums related to player transfers that Bordeaux has so far failed to honour. Even the Swiss Football Association is listed as a creditor, still owed 500,000 euros from Bordeaux’s decision in 2021 to appoint Vladimir Petković, then head coach of the Swiss national team, as their new manager. That move, once seen as a bold step forward, now symbolizes the reckless ambition that has led the club to the brink.

Numerous player agents many of whom facilitated deals that were never fully paid for have also joined the long line of claimants. These debts are not only contractual obligations but legal time bombs, as agents and federations often resort to FIFA or court proceedings to enforce payment.

But it’s the third and final category of creditors that turns the situation from serious to almost absurd: the dozens of small and medium-sized enterprises, many of them operating locally in and around Bordeaux, who are still waiting to be paid. These include hotels that hosted the team or visiting delegations, now owed over 60,000 euros; a cleaning company that is still chasing 80,000 euros for services rendered; and even businesses such as a local vineyard, the town’s bakery, and the regional radio station. Each played a minor but meaningful role in the club’s operations supplying meals, wine, lodging, or media coverage and now face financial strain themselves as they wait for repayments that may never arrive.

For a club that currently plays in the French fourth division (Championnat National 2), with no hope of promotion this season, the scale of this crisis is nothing short of staggering. Bordeaux were relegated from Ligue 1 in 2022, failed to secure a return from Ligue 2 in 2023, and spiraled further down the ladder in 2024 after administrative demotion due to financial irregularities. Once national champions and European contenders, they are now navigating grassroots football and insolvency courtrooms in the same breath.

The fate of the club now lies in the hands of a commercial court, which is set to review and rule on Bordeaux’s proposed recovery plan by the end of the month. This plan, put together under immense pressure, seeks to restructure the debt and offer new hope to creditors and supporters alike. But optimism is thin, and trust in the club’s leadership is even thinner.

There is, however, one glimmer of hope. According to L’Équipe, Gérard Lopez is reportedly prepared to forgo his own 41 million euro claim if the court gives the green light to the club’s restructuring strategy. This would be a dramatic concession from a man who has been widely criticized for his handling of the club's finances but who still holds enough leverage to help facilitate its survival. Whether this offer is genuine goodwill or a strategic move to preserve the club’s licence remains to be seen.

Whatever the outcome, the story of Bordeaux’s descent is already being etched as one of the most dramatic collapses in French football history. A cautionary tale of financial overreach, mismanagement, and the fragile ecosystem that binds even the smallest local businesses to the towering institutions of professional sport. The question now is whether that ecosystem can be repaired or whether the damage is already too deep.