Bordeaux have been demoted to the third tier of French football as a consequence of their financial difficulties.
The club finished bottom of Ligue 1 this season and were preparing for a campaign in Ligue 2 for the first time since the early 1990s.
But on Tuesday they were sanctioned by the National Directorate of Control and Management (DNCG), which ordered a further demotion to the National 1 division following an examination of Bordeaux's finances.
Bordeaux, Ligue 1 champions in 2009, confirmed they are appealing the ruling, which will reportedly provide them with an extra two weeks to get their finances in order, and they could yet raise additional funds.
Aurelien Tchouameni's €100million move from Monaco to Real Madrid is apparently set to bring in roughly €11m, while Bordeaux stand to gain a substantial figure if Sevilla sell Jules Kounde, who has been heavily linked with Chelsea.
Bordeaux are said to have debts close to €40m, but a statement on their website suggested confidence in getting the decision overturned.
"Heard on June 14 by the DNCG, the club presented the guarantee of the re-engagement of the majority shareholder in the amount of €10m, an agreement with the holders of the club's debt as well as offers to sell a few players, whose cumulative amount exceeds the objectives set by the [Professional Clubs Control] Commission," their statement read.
If Bordeaux are successful in overturning the demotion to National 1, they will play the 2022-23 campaign in Ligue 2.