What Happened to Eagle Football Holdings Limited?

Eagle Football Holdings Limited, a global football holding company, was formally established in London on September 28, 2022, by American businessman John Textor, though its operations began earlier in Delaware. Textor's vision was to create a multi-club ownership (MCO) model, leveraging shared scouting, player development, and analytics across a network of clubs. His initial foray into football ownership began in August 2021 with a 40% stake in Crystal Palace F.C.

In January 2022, Textor rapidly expanded his portfolio, acquiring a 90% stake in Brazilian club Botafogo and an 80% stake in Belgian club RWD Molenbeek. The most significant acquisition came in June 2022, when Textor became the owner of Olympique Lyonnais (OL) by acquiring 40% of OL Group shares, eventually increasing his stake to 77.49% by December 2022 in a deal valued at $940 million (€884 million). This aggressive expansion was largely funded through English law-governed debt instruments, with Eagle Football Holdings Bidco Limited serving as the central intermediate holding company.

However, the highly leveraged structure soon faced challenges. By May 2025, Crystal Palace's FA Cup victory and subsequent qualification for the UEFA Europa League highlighted conflicts with UEFA's multi-club ownership rules, as Lyon had also qualified for the same competition. This led to Textor selling his stake in Crystal Palace to Woody Johnson for approximately £190 million in July 2025. Concurrently, Textor resigned from his leadership position at Olympique Lyonnais, with Michele Kang appointed as Chairwoman and CEO of Eagle Football Group (the parent company of OL). Lyon itself faced financial scrutiny from French regulators (DNCG), which provisionally threatened relegation in late 2024, though this was reversed in July 2025 after club actions.

The financial situation for Eagle Football Holdings deteriorated significantly in late 2025 and early 2026. John Textor entered a public dispute with Ares Capital Corporation, a major creditor that had provided a €400 million loan for the Olympique Lyonnais acquisition. Textor alleged that Ares, in conjunction with Michele Kang, had formed a 'secret side agreement' in June 2025 to control Olympique Lyonnais without proper disclosure. Ares, in turn, cited financial and technical defaults by Eagle Football.

On March 27, 2026, Ares Capital Corporation placed Eagle Football Holdings Bidco Limited, the UK-based holding company, into administration, effectively stripping John Textor of centralized operational control over his multi-club empire. This action triggered the forced sale of its club assets. In April 2026, Botafogo initiated civil litigation against Olympique Lyonnais, seeking repayment of funds. RWD Molenbeek also faced severe issues, being denied a professional club license and demoted to amateur football in April 2026, leading to a filing for judicial reorganization in June 2026.

As of August 2026, the divestment process is underway. On June 23, 2026, Michele Kang reached an agreement to acquire an 87.8% stake in Eagle Football Group (the parent company of Olympique Lyonnais) from the administrators for $30 million (€26.451 million), committing to inject significant capital and address debt. The DNCG subsequently confirmed Lyon's continued participation in Ligue 1 for the 2026-27 season. Most recently, on August 2, 2026, RWD Molenbeek was officially acquired by its former president, Thierry Dailly, ending Textor's ownership of the Belgian club. The future of Botafogo within this fragmented structure remains a key point of contention and legal proceedings.