After ten days of “roller coaster” according to the entourage of Gérard Lopez, and as much to surf on the time differences, an agreement was reached with the creditors of the King Street and Fortress club. Presented on the rails on Thursday before the Board of Directors, it was definitively signed on Friday. The objective: to respond point by point to the shortcomings of the file highlighted by the DNCG in the first instance, which had led to the decision to demote to National 1, synonymous with filing for bankruptcy and very probable judicial liquidation.
8.3 million for Tchouaméni
With some 40 million to be found, to rebalance equity after another very loss-making financial year and ensure that the club will have the cash to complete the next one, Gérard Lopez relied on four points: a new contribution (in the form of an increase in capital) of 10 million euros via his company Jogo Bonito; the 8.5 million euros paid by the Football League (LFP) after CVC took a stake in the future commercial company; 22 million player sales during the summer.
The relatives of the businessman assured from the first passage that they had provided guarantees for the addition of equity. It was on the transfer promises that the biggest problem appeared. This time, the club will advance more armed. King Street and Fortress have agreed to let him profit-sharing on the effective transfer of Aurélien Tchouaméni from Monaco to Real Madrid (i.e. 8.3 million euros) which was to go to them to repay the debt, according to an agreement made during the recovery of the club.
Line of credit as collateral
It remained to guarantee the additional 14 million necessary, in case the leaders did not manage to sell for this sum by August 31. The parties finally agreed on the opening of a bond line of credit on first demand, that is to say that the Girondins will be able to trigger without obstruction within 15 days. It aims to reassure the DNCG, not to create new debt: the leaders are convinced that they will sell for much more than 14 million euros and will not need it, even aiming for 40 million euros with four players. (Onana, Hwang, Elis, Mara) as a figurehead. According to “20 Minutes”, half of the proceeds recovered beyond 14 million euros will return, in return for the money “dropped” for Tchouaméni, to Fortress and King Street to reduce the club’s due.
“The leaders are aiming for 40 million euros in sales”
Debt, precisely: reducing it to improve the ratio of equity capital to current liabilities was another request from the DNCG. The metropolis’ moratorium on the 5 million euros due in 2022-2023 in the various smoothings of the stadium’s rent has arrived in this direction. The entourage of Gérard Lopez also stresses that they took advantage of the delay to have auditors validate the transfer of responsibility for half of the 52 million euros due to Fortress and King Street to Jogo Bonito.
According to our information, the club does not believe, particularly given the timing, in a conciliation appeal to the CNOSF, as it could in the event of an unfavorable decision on appeal. But he thinks above all, this time, to be able to convince without a hitch.
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