US fund gets green light to buy Ligue 1 Bordeaux

Local French officials removed the last obstacle yesterday to the sale of Ligue 1 club Bordeaux to an American investment fund in a deal worth $86.6 million. The city’s municipal council voted overwhelmingly to approve the American takeover. The deal comes two years after Ligue 1 rivals Marseille were bought by US real estate magnate Frank McCourt, the former Los Angeles Dodgers owner, for 45 million euros. The council vote officially authorised the transfer of rental obligations for the club’s Matmut Atlantique ground, owned by the city, from media group M6, Bordeaux’s owners for 19 years, to the US fund, General American Capital Partners (GACP).

Approval was widely expected after the fund’s chief Joseph DaGrosa reassured council members about the fund’s commitment to the deal. New York-born investor DaGrosa, who co-founded GACP in 2016, has no background in football but said he would treat Bordeaux like a “jewel”. He said he had a shortlist of three names for club president, who would be French and would be appointed within days. Bordeaux are among the most successful French clubs, winning the Ligue 1 title six times. Currently they stand seventh in the table.