The city of Limoges has decided to suspend its subsidy to the CSP and asked its leaders to open the capital of this monument of French basketball in order to cover its debts, the municipality announced Thursday in a press release.
The Limoges public prosecutor’s office has also opened an investigation into suspicions of financial embezzlement within the club, we learned from a source close to the investigation. He did this after receiving a letter sent by the CSP auditors, according to the newspaper Le Populaire du center which revealed the information.
“The shortcomings and approximations in financial management put the club in danger of liquidation,” worries the town hall in its press release. The forecast accounts for the current 2023-2024 season reveal an end-of-year deficit which requires recapitalization so as not to ultimately be effective.”
“The City urges (owner) Céline Forte to open the club’s capital to a minimum of one million euros to cover the season’s debts. The second half of the subsidy is therefore suspended until a significant change in governance is legally established,” adds the City.
Wednesday evening, Céline Forte, widow of former playmaker and president Frédéric Forte, told the local press that she had “already anticipated” this request, after a meeting with the mayor of Limoges Émile-Roger Lombertie, adding that he had “confirmed that the capital would be opened”.
The club’s financial difficulties had already pushed the Superior Management Council to sanction the club, in mid-November, with a withdrawal of three victories in the Elite ranking, a sanction reduced on appeal to a withdrawal of two victories.
Limoges, the first French club to become European champions in 1993, now occupies 14th place (out of 18) in the Elite, with two victories ahead of the first relegated team, Gravelines (16th).
Instability within the club prompted Greek coach Ilias Kantzouris to leave to join Hapoel Jerusalem in January. He was replaced on the bench by Jean-Marc Dupraz, French champion with the CSP in 2014.
