Things are gradually becoming clearer regarding the future of Olympique Lyonnais. At the end of March, the British company Cork Gully announced that it had taken control of Eagle Football Holdings Bidco Limited, the holding company that owns OL, in order to avoid bankruptcy. This Tuesday, the Eagle group published a press release to declare that it “may be required to share confidential information with third parties interested in the acquisition of EFG securities held by Eagle Bidco”. In other words, that OL was going to be sold.
Michele Kang, who arrived at the club last June to replace John Textor and lead the rescue operation before the DNCG, would be in pole position for a possible buyout, via the investment fund Ares, minority shareholder. The latter could buy back EFG shares. To avoid any conflict of interest in this transaction, the board of directors of Eagle Football Group has set up an independent committee.
Three administrators make up this committee: financier Gilbert Saada, who will be its president, former tennis player Nathalie Dechy and Victoria Wescott.
“This Committee will be responsible for monitoring the administration process on behalf of the Company and, when the time comes, if necessary, to propose to the Board of Directors the appointment of an independent expert, to monitor the work of said expert and to issue a recommendation to the Board of Directors on the interest of a possible public offer for the Company, its shareholders and its employees,” it is written in the press release.
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Michele Kang was appointed CEO of Eagle Football Group by Ares, the American fund which took operational control of the club after lending 425 million to Textor during the takeover of OL in 2022.
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