FORMER Liverpool winger Albert Riera has terminated his managerial contract at Bordeaux - who have declared themselves bankrupt.
This comes after takeover talks between the French side and Anfield's Fenway Sports Group owners collapsed this week.
Six-time French champions Bordeaux have officially renounced their professional status after being relegated to the third tier.
The former Champions League side, who last won Ligue 1 in 2009, have been plagued by financial issues in recent years and took the decision to drop down to try and ease their woes.
They were in takeover talks with Liverpool's owners FSG - but the Americans have since withdrawn their interest after extensive discussions with the club's stakeholders.
It leaves Bordeaux on the brink of liquidation, with a date set at the Commerical Court in France.
They finished 12th in the French second tier last season, finishing nine points outside the play-offs, having narrowly missed a crucial promotion to Ligue 1 the year before.
And now their first-team boss Riera, 42, has quit in the latest blow to club chiefs.
A former player at the club, he had only returned to the French side in October after taking over from David Guion in the hotseat.
The Prem cult hero has returned to his former squad at Celje in the Slovenian PrvaLiga.
Riera joined Liverpool in 2008 and spent two years at Anfield, scoring five goals and providing nine assists in 56 appearances.
However, his time at the club was cut short after he was suspended by then-manager Rafa Benitez.
Riera made comments to the Spanish press regarding his first-team opportunities and was subsequently exiled and transfer listed.
Meanwhile, Bordeaux also closed its renowned training academy and released the entire squad.
Clubs in France's third tier can apply for an exemption to remain professional for two-years before renouncing that status.
Bordeaux have been a professional club since 1937.
They made a net loss of around £34million last season and had a wage bill of £21m.