Poortes’ American dream failed

The Jeremir Loop Poortes team defending Villeurbanne's Kevarius Hayes (Asvel) on April 20, 2021 has been excluded from the Basket Elite.
The Jeremir Loop Poortes team defending Villeurbanne’s Kevarius Hayes (Asvel) on April 20, 2021 has been excluded from the Basket Elite (JEAN-PHILIPPE KSIAZEK / AFP / Archives).

It is an endangered French basketball monument. Passed under the American flag a year ago, Poortes rejected his commitment to the Elite and ProB from 2022 to 2023 for financial reasons.

The National Basketball League’s National Administrative Council (DNCCG) decision was expected, which no one was surprised at, but enthusiasts of Elan and his employees destined to rely heavily on whether the club remains. Created a certain surprise among them. In a professional fold.

Of course, Poe Club has eight days to “make a request for a free appeal” to challenge this decision, but the future of the nine French champions, the Coupe de France and the four French cup winners is both. Attend the first domestic sector It has been quite dark since 1970.

In recent history, Béarnais has already suffered demotion in 2009 and 2012, but is purely a sport and quickly increased. Therefore, this is his first executive demotion and, paradoxically, the year they woke up sporty in the victory at the Coupe de France in April and the elite semifinals in June.

Neither club president David Bonnemason-Carrère nor the American owner Counterpointe Sports Group (CSG) Fund made a public statement this Thursday. However, club aides suggest that he takes advantage of this potential complaint.

To justify that decision, DNCCG calls for “a lack of assurance about the continuity of the club’s operations, and a lack of decisive factors that make it possible to eliminate this risk.” She also determines that “there is a serious danger to the realization of the 2022/2023 budget.”

Elan, first heard by the regulator on June 14, posted a deficit of about 3 million euros with a budget set at 7.8 million euros at the start of the season. DNCCG then claims a € 1 million guarantee and may repay the remaining € 2 million through a bank loan.

Electric shock?

Its president and co-founder, David Otto, has revolutionized its shareholding this season by using blockchain technology to provide public tokens that represent part of its capital.

According to CSG, he sold his first crypto token without any problems and could withdraw up to € 10 million from this operation while the actual financial situation was dangerously deteriorating.

Recently, David Otto has come specially to France in an attempt to wastefully mobilize a majority shareholder of Elan’s local and historic partner. Will the DNCCG decision be an electric shock?

In the meantime, it seems unlikely that public institutions will agree to come to the rescue as is. At the time of the sale of the club, the parties agreed to buy € 800,000 in shares, but the urban community of Pau Bern Pyrenees, chaired by Francois Bayle, has not yet received the expected payments.

His short press release released Thursday reminded him firmly: “In any case, the amount to be paid to the community and the city must be paid.” Therefore, even if it means separating from CSG, it does not preclude going to a more radical solution. “If sanctions are confirmed, the question is whether there are other remedies.”

Poe Club’s next board meeting, scheduled for early next week, could bring some of them.