“This decision is explained in particular by the significant cost of the stadium in the coming years, but also by the general economic context of French soccer,” the statement continues.

FSG had been in contact with Bordeaux owner Gerard Lopez for several weeks and took part in the club’s hearing with French football’s financial watchdog the DNCG on July 9.

“Following extensive and constructive discussions with all stakeholders, Fenway Sports Group has made the decision not to pursue the acquisition of FC Girondins de Bordeaux,” the US group, which owns baseball’s Boston Red Sox and the Pittsburgh Penguins ice hockey club as well as Premier League giants Liverpool, said in a separate statement.

Sources close to the talks said the cost of running Bordeaux’s Matmut Atlantique stadium, as well as the disappointing outcome of the Ligue 1 television rights negotiations, played a part in the decision.

The Girondins need to find 40 million euros ($43.6 million) to balance their accounts before trying to convince the DNCG to spare them.

“The club and its shareholder are now putting all their energy into finalising a financing plan for the 2024-25 season in preparation for the appeal hearing”, scheduled for July 23 or 24.

© Agence France-Presse

Photo: Baptiste Fernandez/Icon Sport via Getty Images