The economic project of Elan Béarnais, bought by French investors, was validated on Monday by the appeal chamber of the French Basketball Federation.
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A sigh of relief. After examining the takeover of the Béarnais club, recently sold by American shareholders to French buyers, the Appeals Chamber of the French Basketball Federation (FFBB) decided, Monday, July 25, to accept the re-engagement of Pau-Lacq -Orthez in the French championship (Betclic Elite).
In view of recent developments in the file and the guarantees provided as to the continuity of operation of Elan Béarnais, the financial section of the FFBB Appeals Chamber has issued a favorable opinion on the club’s commitment to the Championship of Betclic Elite in 2022/23.
— FFBB (@ffbasketball) July 25, 2022
“In view of recent developments in the file and the guarantees provided as to the continuity of the club’s operations, the Appeals Chamber has decided to reform the decision of the Higher Management Council of July 11, 2022 and to issue a favorable opinion on the ‘commitment [du club béarnais] in the Betclic Elite championship for the 2022/2023 season“, said the FFBB in an official press release published Monday evening on its social networks.
The Elan, nine times champion of France and winner of the last French Cup, had been demoted to amateur level a month ago for financial reasons. Under the American flag of the investment fund Counterpointe Sports Group (CSG), Pau-Lacq-Orthez had failed twice on appeal before the financial policeman of the League. It was the sale of the club last Friday to French buyers, led by Sébastien Ménard, municipal councilor of Biarritz and CEO of the Eat4Good group, and the former Minister of Sports Thierry Braillard, who reassured the body financially.
Official press release The Elan Béarnais remains in #BetclicELITE
https://t.co/EJ6iE0ttKB— EBPLO (@EBPLO) July 25, 2022
In a press release published a few hours after the announcement of the retention in the elite, the club announced to welcome this news with “a great pleasure“. And to add: “Lhe preparation for this next season will finally be able to begin and will allow the whole club to look to the future.“. When the championship resumes on September 24, Pau-Orthez will have a budget supervised by the national management board and management control (DNCCG) of professional basketball clubs of 5 million euros, against 7.8 million euros last season.