The club, which was the property of an American investment fund, was administratively demoted at the amateur level at the end of the past season. He appealed this decision.
Le Monde with AFP
The Pau-Orthez basketball club, which had been demoted at amateur level a month ago for financial reasons, was sold on Friday July 22, by Counterpointe Sports Group (CSG), American investment fund, to local buyers. Among these are Sébastien Ménard, president of the Eat4good and BeautySané group, and the former Minister of Sports Thierry Braillard.
“An important step has been taken, welcomed the mayor of Pau (Modem), François Bayrou. At the end of this incredible period, ultimately, the club no longer belongs to the Americans. It will be taken up by French. “
This sale deed the end of an American era, which will have lasted only a season, which is not very glorious financially with an accumulated deficit of more than two million euros, but more on the sport with A semi-final in the championship and a victory in the French Cup.
The transfer of Elan Béarnais, a historic actor of French basketball holding nine titles of champion of France and a European title (Korac Cup, 1984), arrives at the time. The club must be heard, Monday, July 25, by the French basketball federation after using its demotion.
With the change of owner and the payment of a planned subsidy of 1.2 million euros from the Pau-Pyrénées agglomeration community, the Palois club should be able to assert guarantees requested: given to Flower of the current account, spread of debt over three years and presentation of a forecast budget for the 2022-2023 more realistic season (just under 5 million euros against 7.8 million euros last season).