Breaking News

Lille: according to Olivier Létang, the club was on the verge of bankruptcy

The new boss of Losc justified the arrival of the new shareholders by revealing the extremely precarious situation of the club financially.

LOSC changed governance last week. Exit Gérard Lopez, it is Olivier Létang, formerly manager of Paris SG and Rennes who took over the presidency of the northern club with a new owner, Merlyn Partners, an investment fund based in Luxembourg. The new boss of the Mastiffs held on Monday a first expected press conference during which he exploded the very precarious financial situation of the club in recent months before the arrival of the new shareholder.

According to Létang, Lille “would probably have been in default at the beginning of January” without the intervention of the new owner. “I do not want to talk about the figures or what happened previously,” said the manager, reluctant to talk about the economic aspect of the new Lille project. But “without keeping a secret, the club would probably have been in default at the beginning of January, which means that there was a problem with the continuity of the activity and for the teams of the club.”

Cornered by his creditors and in particular the American pension fund Elliott Management, to which he had only reimbursed 102 of the 225 million euros he had borrowed from him to buy the club in 2017, the former owner and president of Lille Gérard Lopez was forced to sell Losc last week to Merlyn Partners, who appointed Olivier Létang as CEO.

A priority: debt reduction

If he refused to dwell on precise figures to support his remarks, Olivier Létang unveiled his first lines of work: “One, debt reduction; two, provision of liquidity from the beginning of January which will allow us, as we said to the DNCG (the financial policeman of French football, Editor’s note), to have economic and financial stability over this second part of the season. “

The new strongman of Losc also underlined that the sportsman remained the cornerstone of the new project. “We are not in a situation where there is the need or the desire to sell a player (…) The main pillar is to have a club that performs at the sporting level. The second pillar is also to have an economic balance (…), to develop income and control costs, ”explained the former president of Rennes.

(With AFP)


Leave a Reply

Your email address will not be published. Required fields are marked *