Luxembourg businessman Gérard Lopez faces a deepening crisis as his majority-owned Boavista football club faces severe debt problems and Bordeaux football club has just been relegated to France’s third tier.

Luxembourg businessman Gerard Lopez has suffered another setback in his sports investments as Porto-based football club Boavista, of which he is majority shareholder, has run into financial problems. Meanwhile, Girondins de Bordeaux, of which he is also president, has run into similar problems after being forced to relegate to the third tier of French football last month.

According to French sports newspaper L’Equipe and local Portuguese media, Boavista is facing huge debts and is unable to pay the construction company €7 million for the stadium expansion. The Porto Court recently ruled that the club can no longer withhold the transfer fee, but must pay it to the construction contractor until the debt is fully paid.

The financial situation also affects the future of the Portuguese champion club, which was founded in 1903. The Union of European Football Associations (UEFA) is also said to be investigating the club.