Olivier Létang announces Lille are now debt free | OneFootball

Speaking to Europe 1, Lille OSC president Olivier Létang has confirmed that the Ligue 1 club are now debt-free following the insurmountable debts that were built up under the stewardship of Gérard Lopez.

Under Lopez’s tenure in charge of Les Dogues, the club developed debts of €400m, leaving them in a precarious situation financially and putting the future of the club in doubt. However, after 4 years of work to reduce the debts, Lille are now debt-free and in a much healthier position financially.

The Luxembourg businessman agreed to sell the Hauts-de-France club in late 2020. Lopez was put under immense pressure to sell Les Dogues due to the inability to see a return on loans obtained worth €225m. The former Lille owner has a torrid record in football ownership. He also acted as the last serving president of Bordeaux before they lost their professional status and were relegated to the 4th division of French football.

GFFN | Liam Wraith