Bordeaux's Financial Freefall: From Glory to Bankruptcy

Bordeaux has filed for bankruptcy after relegation to the third tier of French football. The move comes after Liverpool's owner withdrew from takeover talks. The club will abandon its professional status and training academy, ending its storied history. Bordeaux's financial troubles prompted these drastic measures.

Bordeaux have filed for bankruptcy just days after their relegation to the third tier of French football. The former Ligue 1 club announced the move on Thursday following the withdrawal of Liverpool soccer club's owner from takeover talks.

Earlier this month, the six-time French champions were demoted from Ligue 2 by the National Directorate of Management Control due to financial concerns. The exit of Fenway Sports Group from takeover discussions ended the club's hopes of survival. "It's a difficult decision that anticipates an inevitable consequence of the restructuring process underway," the club stated.

In addition, Bordeaux will abandon their professional status, a standing they have held since 1937, and close their celebrated training academy. This institution has been responsible for the development of distinguished players such as Bixente Lizarazu, Jules Kounde, and Zinedine Zidane.

(With inputs from agencies.)