Luxembourg businessman Gérard Lopez faces a deepening crisis as his majority-owned football club Boavista battles significant debt issues, following closely on the heels of Girondins de Bordeaux's demotion to the third division in France.

Luxembourg businessman Gérard Lopez is facing a new setback among his sports investments, as financial troubles have surfaced at Porto-based football club Boavista, of which he is a majority owner. This comes against the backdrop of similar issues at Girondins de Bordeaux, which last month was forcefully relegated into the third French football division, and over which he also presides.

According to French sports newspaper L’équipe, as well as local Portuguese media, Boavista is facing significant debt and is unable to pay €7 million it owes to a construction firm for the expansion of its stadium. A court in Porto thus recently ruled that the club is no longer allowed to keep the money from transfers, which instead have to be paid to the building contractor until the debt is fully paid off.

The financial situation also affects the future of the club, founded in 1903, and one-time winner of the Portuguese championship. Investigations into the club are allegedly also being carried out by UEFA, the Union of European Football Associations.