Why Liverpool owners FSG pulled out of deal to buy Bordeaux

Liverpool owners Fenway Sports Group (FSG) pulled out of talks to buy Bordeaux because of concerns over the financial situation at the club and in French football more generally, 90min understands.

Bordeaux, who have been provisionally relegated to the third tier of French football because of their financial situation, confirmed earlier this month that talks with FSG had begun as they sought the investment needed to retain their status in Ligue 2.

However, the French side later confirmed that FSG had decided not to advance their interest, leaving them facing a race against time to raise the required funds.

FSG conducted a thorough review of the investment needed at Bordeaux and identified concerns with the cost of maintaining the team's stadium which, alongside the major financial issues facing all French teams this season, led them to pull out of what was initially discussed as a "majority stake" takeover.

TV rights have been a serious concern in French football in recent years. Mediapro pulled out of a €780m-a-year deal in 2021 just four months into their four-year contract, leaving many clubs on the cusp of bankruptcy before Amazon swooped in with a three-year agreement worth just €250m per season.

Amazon declined to renew their contract and a new broadcaster was only found on July 14, one month before the start of the new season.

Key to FSG's plans with Bordeaux was a desire to run the club as an individual entity, rather than immediately form a feeder club for Liverpool, although the link between the two clubs would have been built eventually.

Instead, FSG saw buying Bordeaux as the opportunity to restore one of France's most famous clubs and compete for major silverware in France while they sought to satisfy UEFA's requirements for multi-club ownership.

Because of this, FSG were particularly strict with their research into a potential takeover. They did not rush early talks with Bordeaux and ultimately could not find the confidence needed that buying the club would be the right fit despite having huge respect for Bordeaux and its history.

In addition, it's believed Bordeaux president Gerard Lopez wanted to stay on, much like Marc Keller did at Strasbourg when Chelsea's parent company, BlueCo 22, took over there. FSG had other ideas wanting to put their own personnel in place.

FSG do still have plans to explore another club, most likely in Europe. Former sporting director Michael Edwards was hired by FSG as chief executive of football to help lead the multi-club project, while directors Pedro Marques and Julian Ward are also involved.

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