France: Rennes on verge of bankruptcy?
As L’Équipe revealed, in the absence of financial resources, the French volleyball top division side Rennes will likely file for bankruptcy in the coming days.
That scenario is on the horizon in case local authorities don’t provide them with financial assistance. Faced with a shortfall estimated between 300,000 and 400,000 euros due to the coronavirus pandemic, the one-time French Cup winners have endangered their further participation in the Ligue A Masculine.
Recall that in February, Rennes was sanctioned by the DNACG (the financial control body of the national volleyball league), with a withdrawal of three points for an excess of payroll limitations. The club has also faced an appeal procedure linked to controls by URSSAF (organization dealing with social security contributions), which could force it to pay several hundred thousand euros.
Last season, Rennes were third-placed in the Ligue A Masculine standings at the moment of the cancellation of the season and qualified for the semifinals of the CEV Challenge Cup.