Bordeaux have filed for bankruptcy and dropped their pro team status just days after they were relegated to the third tier of French football and Liverpool’s owner withdrew from takeover talks, the former Ligue 1 club said on Thursday.

Earlier this month the six-times French champions were demoted from Ligue 2 by the National Directorate of Management Control due to financial concerns.

Once Liverpool’s owner, Fenway sports Group, pulled out from takeover talks, it effectively ended the club’s survival hopes.

“It’s a difficult decision that anticipates an inevitable consequence of the restructuring process underway,” the club said in a statement.

Bordeaux will also abandon their professional status they have held since 1937 and close their renowned training academy, which has helped to develop players such as Bixente Lizarazu, Jules Kounde, and Zinedine Zidane.