Quillot Seeks King Street Cash to Save Bordeaux Soccer Team

French businessman Didier Quillot’s bid to rescue FC Girondins de Bordeaux could rest on a fresh cash injection from King Street Capital, the U.S. hedge fund that wants out of the historic soccer club, according to people familiar with the matter.

Quillot wants King Street, which gained control of the club in 2018 and is now withdrawing its backing, to put up the money to help clear some of its debts, said the people, who asked not to be identified because the discussions are confidential.

Representatives for Quillot and King Street declined to comment.

Quillot Seeks King Street Cash to Save Bordeaux Soccer Team

Quillot, the former executive director general of the Professional Football League in France, is among those bidding to save Bordeaux from becoming the first major European soccer club to go bankrupt amid the financial pressure of the pandemic.

Bordeaux is looking for new owners after being placed in the hands of administrators in April and could require at least 100 million euros ($119 million) of fresh investment if it’s to survive financial collapse, Bloomberg News reported in April. Its position became perilous when King Street made the decision to stop investing in the team.

Gerard Lopez, the former owner of French soccer club Lille OSC, this week also submitted a bid for Bordeaux. Lopez said on a telephone call Thursday that he was teaming up with French businessman Pascal Rigo, but he declined to provide any further details.

Founded in 1881, Bordeaux has won France’s top division title six times in its history. Over the years it has been home to some of the country’s most celebrated players, including World Cup winner Zinedine Zidane.

Rothschild & Co. is overseeing the process of finding a new buyer for Bordeaux. The investment bank told suitors this week that time was running out to submit firmed-up bids, according to one person familiar with the matter.

©2021 Bloomberg L.P.

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