Bordeau will receive a €20 million bailout payment from the European Commission following the collapse of the French club, according to the French media.

The French club will receive €8 million from the bailout, according a report in Le Parisien, with a further €3 million coming from the French taxpayer.

Bordeaux, whose owners are French, has been the subject of a major investigation over its failure to repay some €1.5 billion of loans made to the club by the former French government, which is also responsible for the sale of Bordeux football club, BNP Paribas.

The club was taken over by French businessman Jean-Marie Leblanc after it had been bought by BNP by the businessman who owns the Manchester City football club.

The new owners, the consortium led by the billionaire businessman, Pierre Piccard, have already taken over the club and the management of the players have been handed over to the new owners.

The bailout payment is in addition to a €2.4 billion loan from the state of France, which has also pledged to provide additional financing for the club to help it through the next few years.

Binance, the French financial aid agency, said in a statement that the total amount to be spent on Bordeaus bailout was €20.2 million.

A total of €9.7 million was allocated for the new shareholders, who will be entitled to a 25% stake in the club, the newspaper reported.

The €20 billion loan is the second largest loan received by any French club after Marseille’s €18.6 billion in 2008, and will be used to cover the repayment of the club’s debts, Bordeaucourt said.

The loan will be paid in full over the next three years, with the full €20bn being used to repay the loans outstanding.