Eagle Football: Michele Kang Saves OL with €87M Following Ligue 2 Relegation Threat

Financial Rescue and Management Changes

The letter of agreement was signed following severe financial difficulties encountered by Eagle Football Group. On June 24, 2025, the National Directorate of Management Control (DNCG) decided to relegate Olympique Lyonnais to Ligue 2 for financial reasons. In response, EFG secured additional funding of €87 million, primarily provided by existing bondholders and Michele Kang through Eagle Bidco, along with a €30 million bank guarantee counter-guaranteed by Michele Kang. A change in governance was also decided, marked by the resignation of John Textor as CEO and director of EFG, and the appointment of Michele Kang as CEO of EFG. These measures allowed the DNCG to reverse its relegation decision and maintain Olympique Lyonnais in Ligue 1.

Terms of the Agreement

The letter of agreement applies as long as Michele Kang holds the position of CEO of EFG. It includes commitments between the parties: Ares and Bidco commit not to initiate a sales process regarding EFG or its subsidiaries before June 30, 2026, and not to take any action to remove Michele Kang from her CEO position before June 30, 2027. Ares also commits not to take, before June 30, 2026, any enforcement action concerning the shares of EFG or its subsidiaries that could be pledged. An advisory committee has been established, composed of an independent director from Bidco, Jean-Pierre Conte (a director of EFG), two representatives of the bondholders, and Michele Kang, consulted on capital expenditures, significant transactions, and strategic decisions. Eagle Football Group clarifies that these commitments do not impair the discretionary and decision-making power of EFG's board of directors, currently composed of a majority of independent directors. EFG, as a legal entity, is not a party to the letter of agreement and is not legally bound by its terms.