A former Champions League club has chosen to renounce its professional status after being relegated to the third tier.
The French side is now ready for court, where it can be liquidated.
Bordeaux have been plagued by financial problems and have made the decision to drop down to the third division to try and alleviate their problems.
They were in takeover talks with Liverpool owner Fenway Sports Group but have since withdrawn their interest following extensive discussions with the club’s stakeholders.
It leaves Bordeaux on the brink of liquidation, with a date set at the French Commercial Court.
Before this trial, the club decided to end its professional status, reports South-West.
Clubs in the French third division can apply for an exemption to remain professional for two years before renouncing that status.
As a result of the club’s abandonment of its professional status, all players’ contracts will be automatically terminated.
And the former European giants will also have to close their training ground after losing their license.
Bordeaux has been a professional club since 1937 and has won Ligue 1 on six occasions.
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They made a net loss of around £34m last season and had a wage bill of £21m.
In court next week, Bordeaux is expected to apply for bankruptcy protection proceedings which will freeze all of its debts – approximately £76m.
Former Liverpool star Albert Riera remained as manager with the new season set to begin on August 17.
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