PARIS, June 23 — Former Lille owner Gerard Lopez has reached an agreement to rescue French side Girondins de Bordeaux from going bust, the Ligue 1 side said on Tuesday.

Bordeaux were placed into administration in April after their owners, investment management firm King Street Capital Management, decided they could no longer support the club financially.

The former French champions have been struggling financially due to the impact of the Covid-19 pandemic and the premature end to the 2019-20 season also resulted in a loss of income when the league season was cancelled.

Their problems were compounded when Spanish media rights agency Mediapro, which had won TV rights for a record €780 million (RM3.8 billion) per season over the 2020-24 period, missed payments last year.

The club on Tuesday said former Lotus Formula One team president Lopez agreed a deal with the US owners and creditors Fortress Investment Group and they will now need an approval from the league’s National Directorate of Management Control.

Lopez’s deal comes after he sold French club Lille to Callisto Sporting, a subsidiary of Luxembourg-based investment fund Merlyn Partners last December.

Bordeaux last won the title in the 2008-09 season and finished 12th in the Ligue 1 standings this season. — Reuters