Liverpool owners negotiate to buy historic club

The owners of English football club Liverpool are looking to buy Bordeaux, one of the oldest French teams, as part of their efforts to expand their football portfolio.

Bordeaux said on Tuesday that the project to sell a majority stake to Fenway Sports Group (which owns Liverpool) had been submitted to the National Administrative Control Authority, which monitors the finances of French clubs.

"We are cooperating with them, as part of ongoing negotiations and due diligence," the French team said in a statement.

Bordeaux, who have won the French league title six times, most recently in 2009, are considered a "distressed asset" and are currently appealing against their relegation to the third division and seeking to secure funding guarantees for next season.

Liverpool Football Club announced last March that Fenway Sports Group, which has owned the club since 2010, is looking to buy another football club.