Bordeaux has been sold to a US-based investment fund for one Euro (85 pence, or $1.13).
The French club have fallen from the top flight into the sixth tier, having won Ligue 1 in 2008-09.
Owner Gerard Lopez will exit the club after a five-year reign after Bordeaux was purchased by Park Bench, a data analytics and software company with an investment portfolio.
"This operation (sale) is concluded for a symbolic euro with the assumption of debts," a statement by Bordeaux read.
French media outlet Ici report that the investment fund who are taking over the club will assume a debt of nearly €18 million (£15m, $20m).
Park Bench already holds shares in Córdoba (in Spain's second division) and Dunfermline Athletic (in Scotland's second division).
Since 2021, Bordeaux have twice gone into administration. They have been in the fourth tier for the past two years, the result of enforced relegations from Ligue 1. This year, more financial problems led to their relegation to the sixth tier.
The Regional Management Control Commission of the Nouvelle-Aquitaine Football League must approve the sale of Bordeaux to enable them to play in the sixth division of French football this season, and the The Bordeaux Commercial Court must approve it to prevent the club's liquidation, Reuters report.
