Santiago Cucci, Michaël Benabou and his American wife have expressed their interest in taking over Girondins. Gérard López doesn’t seem to have to respond favorably
On 14 December, Girondins announced that negotiations were underway for the arrival of a minority shareholder. Three months later, the deal is still closed. On the other hand, the transfer was led by the Basque Santiago Cucci, the businessman Michaël Benabou and a member of the Basque Country. According to our information, they have recently transmitted. . .
On 14 December, Girondins announced that negotiations were underway for the arrival of a minority shareholder. Three months later, the deal is still closed. On the other hand, the transfer was led by the Basque Santiago Cucci, the businessman Michaël Benabou and a member of the Basque Country. According to our sources, they have recently sent a letter of intent (LOI) to Gérard López, the current president and owner (*) of the club. .
This document is a classic step in that process. For example, the prospect indicates their proposed price, monetary terms, timeline, etc. A letter of intent, which shows complex interest, is not a binding purchase offer. formulated in a second phase, after a new detailed inspection of the club’s monetary, legal and accounting data.
Formally, this transfer consists of the acquisition of a majority stake and the definitive extinction of the rest of the debt contracted with Fortress and King Street, at least 3 million euros. The Spanish-Luxembourg businessman would remain a minority shareholder and relinquish control of the club, although he would continue to be consulted on strategic decisions. The proposed amount has been disclosed.
Santiago Cucci (former director of Levi Strauss and president of Olympique Lyonnais in 2023), Michaël Benabou (co-founder of the online website Veepee whose fortune is estimated at more than one billion euros through Challenges) and his American spouse (a familiar job that we already offer at stake on the other side of the Atlantic, which would be as a shareholder and not as a credit) did not respond to our requests.
Gérard López’s entourage, for his part, told us that no proof of the budget has been provided (which is not abnormal in the LOI phase), that the document is not signed (which would be the case) and that it does not correspond to the desired conditions. Lopez has made it clear that he intends to maintain control of the club to bring it back to Ligue 1, even if he has to sell the majority of his shares.
In this context, and for several months now, it has been asking monetary actors to raise around 50 million euros of debt. In December, it submitted a list of 14 interested entities to the DNCG. According to the club, 4 of them (the American Budget Kennedy Lewis, Center Lane, Liberty Global, and Dynasty) had access to the knowledge room at the time. To date, Control does not wish to comment on the progress of those discussions.
Gérard López, who bought the Girondins on King Street for a symbolic euro in the summer of 2021, has since injected between €60 million and €65 million. He recovered $17 million. And everything seems to indicate that it does not aim to give a favorable follow-up to the talks with Cucci and Benabou, whose letter of intent is only valid for a very limited time.
For the club, on the other hand, time is running out. Between €10 and €15 million in coins are needed to complete the season, and several suppliers are already charging (very) late. At the end of June, it will also be mandatory to guarantee the next monetary year’s funding to the DNCG offers at least €30 million. For the survival of the Girondins, these coins will have to be put on the table. By Gerard López or else.
(*) Gérard López owns 99. 9% of the shares. Some actions are maintained through the association Girondins de Bordeaux.
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