One of the most important clubs in France, put up for sale in a newspaper ad

The initiative came from Cork Gully, the new administrator of Eagle Football, the holding company that owns the two clubs.

Olympique Lyon and Botafogo, put up for sale

In a statement issued on Tuesday morning, Eagle Football Group announced the creation of an independent ad hoc committee to manage an unavoidable conflict of interest, given that Olympique Lyon and Botafogo are soon to be sold, according to lequipe.fr.

Cork Gully, a UK company specializing in financial restructuring, took over Eagle Bidco at the end of March. The appointment of independent receivers was a move by Ares, the holding company's creditor, under English law.

This action stripped John Textor (former majority owner of Botafogo, Olympique Lyon and RWDM Brussels) of the power to make changes in the company's management.

According to Ares, the decision was prompted by more than ten default events and months of failed resolution attempts. The lender claims John Textor has demonstrated “constant mismanagement” and a “lack of regulatory compliance” which has led to instability and problems such as the transfer ban imposed by FIFA. The current process is aimed at stabilizing management and correcting identified deficiencies.

The Cork Gully announcement invites interested parties to express their interest in purchasing the assets, which include stakes in the three football clubs, via an email address made available for that purpose.

This committee will be responsible for monitoring the administration process on behalf of the company and, when appropriate, proposing to the board of directors the appointment of an independent expert, monitoring the activity of that expert and issuing a recommendation to the board of directors regarding the benefits of a possible public offering to the company, its shareholders and employees.

– the press release issued by Eagle Football Group

Advertisement in the Financial Times newspaper