Bordeaux: Mayor wants to sell Matmut Atlantique

06.07.2020 23:58 source: france3-regions.francetvinfo.fr; author: michał

Newly-elected mayor of Bordeaux is in favour of getting rid of the burdensome stadium. Known for criticism of Girondins owners and the stadium operating model, Pierre Hurmic claims he began proceedings aimed at selling the venue.

Though he only took office on Friday, new Bordeaux mayor Pierre Hurmic has already caused quite the stir regarding Girondins and their new stadium. Critical of the club's owners (King Street fund), Hurmic is of the opinion that taxpayers need to stop paying for the municipally-owned stadium, Matmut Atlantique.

The mayor has recently claimed he had begun proceedings aimed at terminating the current contract for construction and operation of the stadium. While considered taxpayer-owned, the stadium was built and is operated by private consortium of Vinci and Fayat until 2045. Hurmic himself voted against the contract a few years back, though it did pass.

Matmut Atlantique © Nouveau Stade Bordeaux

As things stand, the city subsidises the stadium with €11.1 million annually, reclaiming €4.5 million as a share of its revenue. The amount would have been higher, however since its opening Matmut Atlantique hasn't turned a profit even once.

According to Hurmic's predecessor terminating the deal would cost the city a whopping €80 million in compensation for the private partners but the new mayor claims this doesn't have to be the case. Whether this is true or just an unwarranted claim, we're yet to see.

What Hurmic has said is that it would be best for the stadium to be bought by the owners of Girondins, King Street. Because, despite official declarations of wanting to take over at the stadium, no firm steps have been taken by Girondins so far.

Surely, for King Street it would increase the club's value to have it own stadium and not leasing it from a private operator. However, Girondins are running at serious loss.

As of June 30, this year's deficit of the club is around €45-50 million, roughly double last year's bad news. In such circumstances it seems extremely unlikely for the club to buy their home ground, even if current valuation was significantly below construction value of €183 million.