A club who competed in the Champions League are set to lose their professional status after filing for bankruptcy.
French side Bordeaux, who have won six Ligue One titles, have been plagued by serious financial problems in recent times.
Champions of France in the 2008/09 season, they ended up suffering administrative relegation to the Championnat National at the end of last season due to the decision taken by the National Directorate of Management Control.
They had finished 12th in Ligue 2 last season under former Liverpool and Man City winger Albert Riera.
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Liverpool owners Fenway Sports Group were in discussions to take over the club but it failed to fruition and now means the club will play in the third tier next season.
As per Goal, a statement from the club said: "While discussions had resumed in recent days, FSG representatives indicated yesterday Monday July 22 to FC Girondins de Bordeaux and its shareholder their desire not to follow through despite the assurances provided by various stakeholders.
"Therefore, in the absence of new elements, FC Girondins de Bordeaux withdrew the appeal lodged against the decision of the DNCG dated July 9, 2024. As a result, FC Girondins de Bordeaux accepts the sanction of administrative demotion within the National 1 Championship for the 2024/2025 season and will be summoned again to present its budget to the DNCG."
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It means Bordeaux have lost the professional status they have held since 1937 - 17 years after their formation.
All player contracts must be terminated and their academy training centre has to be closed to save money.
Bordeaux's notable former players include Zinedine Zidane, Yoann Gourcuff, Bixente Lizarazu and Jules Kounde.
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Their title win 15 years ago secured qualification to the Champions League in the 2009/10 and they enjoyed a run to the quarter finals before losing to fellow French side Lyon.
Topics: Champions League, Ligue 1
Josh Lawless