Get French Football News are reporting that Joseph DaGrosa and GACP have reached an agreement to be bought out by King Street Capital for their shares in Bordeaux. This would presumably further open the door for DaGrosa and Peter Kenyon to concentrate on trying to bridge the gap with Mike Ashley for a Newcastle takeover.
Breaking | King Street Capital Management sign an agreement to buy @Joe_DaGrosa & GACP out of Ligue 1 club Girondins de Bordeaux.
Frédéric Longuepée, public enemy #1 for Bordeaux fans, will remain as president of the club.
— Get French Football News (@GFFN) December 16, 2019
The amount of money that GACP would receive from being bought out is likely not a lot as they had just a 13% stake in the Ligue 1 club. However, it does free Joseph DaGrosa to give it his best shot at getting the funds together to reach an agreement with Ashley.
We assume that will be his aim with the news that an agreement to sell his shares in Bordeaux seems almost inevitable. DaGrosa is likely to still want to own a football club despite the turmoil he experienced in France.
This is what he said about a year ago after being part of the Bordeaux takeover:
“Sports have always been on our company’s radar and this is a league that has enormous potential.
“You can buy a Major League Baseball team which costs $1bn and is in a death spiral or, for a fraction of the price, own a storied club in Europe that’s going to continue to grow and ultimately realize its value down the road.”
A club like Newcastle could have unlimited potential in the right hands. Certainly much more than Bordeaux.
We are currently only held back by our owner. That is also likely to be a massive obstacle for any potential buyer of the club as Mike Ashley will only sell on his terms.
We don’t think this latest news changes things too much on the takeover front. However, there seems to be a genuine interest, which we suppose is something to cling to.