Former Champions League club managed by ex-Premier League star ‘to become part-time and release entire squad’

A FORMER Champions League club has chosen to renounce its professional status after being relegated to the third tier.

The French side are now set for court where they could be wound up.

Their impressive 42,000-capacity stadium was a Euro 2016 host venueReuters

Former Liverpool player Albert Riera remains in charge of the clubRex

Bordeaux have been plagued by financial issues and took the decision to drop down to the third tier to try and ease their woes.

They were in takeover talks with Liverpool owners Fenway Sports Group but they have since withdrawn their interest after extensive discussions with the club’s stakeholders.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.

Ahead of that trial the club has decided to end their professional status, report Sud-Ouest.

Clubs in France’s third tier can apply for an exemption remain professional for two-years before renouncing that status.

As a result of the club abandoning its professional status, all players’ contracts will be automatically terminated.

And the former European giants will also have to close their training ground after forfeiting the licence for it.

Bordeaux have been a professional club since 1937 and have won Ligue 1 on six occasions.

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They made a net loss of around £34million last season and had a wage bill of £21m.

At court next week Bordeaux are reportedly set to request the opening of a judicial recovery procedure that will freeze all their debts – approximately £76m.

Former Liverpool star Albert Riera has remained as manager with the new season set to commence on August 17.