Following the end of talks with FSG, Bordeaux withdrew their appeal against being relegated from Ligue 2 to France’s third tier National 1 by French football's financial watchdog, the DNCG.
The historic club have now filed for bankruptcy and will abandon their professional status which they have held since 1937, before World War Two.
The club said in a statement that:
"It's a difficult decision that anticipates an inevitable consequence of the restructuring process underway,"
French legends Zinedine Zidane and Bixente Lizarazu once proudly played for Bordeaux whilst current France stars Aurelien Tchouameni and Jules Kounde, have had spells at the club.
During its history the club have won the French title six times, most recently in 2009 and now leave football which has upset fans around the world who are desperate to see the club survive.