GACP Adds Investment Fund To Bolster Bordeaux Acquisition
The prospective buyers of Ligue 1 side Girondins de Bordeaux, GACP and King Street Capital Management, recruited Fortress Investment Group to “bolster their purchasing project,” according to Arnaud Hermant of L’ÉQUIPE. Fortress, a N.Y-based fund that is listed on the NYSE, this week joined the project to purchase Bordeaux, which is valued at an estimated €100M ($115.8M). GACP CEO Joseph DaGrosa will reportedly invest close to €20M ($23.2M) into the operation, “with the rest coming from” King Street and Fortress. King Street and Fortress are reportedly “expected to finance the debt accrued by the future owners.” Not having enough money to purchase the club outright, GACP has resorted to “borrowing from partners, which it intends to repay with profits made by the club” through increasing revenue or trading players. Should the sale be approved following a vote by Bordeaux Metropolitan Council on Sept. 28, GACP will be the principal owner (L’ÉQUIPE, 9/4).