FORMER Liverpool winger Albert Riera has terminated his managerial contract at Bordeaux – who have declared themselves bankrupt.
This comes after takeover talks between the French side and Anfield’s Fenway Sports Group owners collapsed this week.
Bordeaux has chosen to renounce its professional status after being relegated to the third tier amid monetary mismanagement.
The former Champions League side have been plagued by financial issues and took the decision to drop down to try and ease their woes.
They were in takeover talks with Liverpool’s FSG owners – but the Americans have since withdrawn their interest after extensive discussions with the club’s stakeholders.
It leaves Bordeaux on the brink of liquidation, with a date set at the Commerical Court in France.
And now their first-team boss Riera, 42, has quit in the latest blow to club chiefs.
Riera had only returned to the French side he played for in October after taking over from David Guion in the hotseat.
The Spaniard guided Bordeaux to a 12th-placed finish in Ligue 2 last season, finishing nine points outside the promotion play-offs, before they were removed from the league.
The Prem cult hero has returned to his former squad at Celje in the Slovenian PrvaLiga.
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Following the confirmation of the DNCG’s decision to relegate FC Girondins de Bordeaux to National 1, the Club filed for bankruptcy with the Bordeaux Commercial Court on Tuesday, in order to begin the necessary restructuring. Consequently, the Commercial Court will very soon pronounce the opening of collective proceedings which will automatically result in the loss of the Club’s professional status.
Therefore, given the very short deadlines before the start of the National 1 season, the Club had to give up requesting the maintenance of its professional status, otherwise it would have had to appear again before the DNCG with a budget that did not correspond not to the future reality of the Club, which could have led to heavy additional sanctions. It is a difficult decision which anticipates an inevitable consequence of the ongoing restructuring process. Although the training center will close as a result, the Club will continue to promote youth teams. The effort of transparency vis-à-vis the French football authorities of what the real situation of the Club will be in the days and weeks to come must in particular make it possible to limit the sporting consequences of this situation, the Club having the objective of evolve in National 1 next season, to allow, as quickly as possible, the return of the Club, with cleaned-up finances and renewed ambition, at the highest level.
Riera joined Liverpool in 2008 and spent two years at Anfield, scoring five goals and providing nine assists in 56 appearances.
However, his time at the club was cut short after he was suspended by then-manager Rafa Benitez.
Riera made comments to the Spanish press regarding his first team opportunities and was subsequently exiled and transfer listed.
Meanwhile, Bordeaux also closed its renowned training academy and released the entire squad.
Clubs in France’s third tier can apply for an exemption to remain professional for two-years before renouncing that status.
Bordeaux have been a professional club since 1937 and have won Ligue 1 on six occasions.
They made a net loss of around £34million last season and had a wage bill of £21m.
