Lyon, France – Eagle Football Group, the parent company of Olympique Lyonnais (OL), has clarified the terms of an agreement with Ares Capital Corporation, solidifying protections around the club’s governance and, crucially, the position of CEO Michele Kang. The agreement, initially established on July 7, 2025, ensures no sale process will commence before June 30, 2026, and prevents any action to remove Kang as EFG chief executive before June 30, 2027.
The clarification, issued Tuesday evening, comes in response to recent statements made by former president John Textor and filings with the French financial markets authority (AMF). Eagle Football Group sought to detail the scope of the agreement between Ares Capital Corporation and Kang, acting as creditors and stakeholders of Eagle Football Holdings Bidco Limited – EFG’s majority shareholder, often referred to as Eagle BidCo.
Financial Rescue and Governance Shift in 2025
The agreement’s origins lie in a period of significant financial difficulty for OL. On June 24, 2025, the National Directorate of Management Control (DNCG), the governing body overseeing French professional football finances, initially decided to relegate Olympique Lyonnais to Ligue 2 due to financial concerns. This relegation would have had devastating consequences for the club and its supporters.
Though, EFG was able to avert this outcome through a substantial financial injection. The club secured €87 million in additional financing, primarily from existing noteholders and Michele Kang through Eagle BidCo, alongside a €30 million bank guarantee counter-guaranteed by Kang. This influx of capital, coupled with a swift change in governance, ultimately persuaded the DNCG to overturn its relegation decision and allow OL to remain in Ligue 1.
The governance shift involved the anticipated resignation of John Textor from his roles as CEO and director of EFG, and the subsequent appointment of Michele Kang as CEO and Chair of EFG. This change signaled a new direction for the club, backed by significant financial support.
Ares’ Pledge and Textor’s Departure
Beyond securing Kang’s position, the agreement with Ares includes a commitment not to enforce any security over shares in EFG or its subsidiaries before June 30, 2026. This provides a period of stability and prevents immediate pressure from creditors.
The situation has unfolded against a backdrop of broader changes within the ownership structure. Ares has removed John Textor from the board of Eagle BidCo, and Textor is reportedly facing challenges with his ownership of Brazilian club Botafogo. The communication from Lyon underscores the stability of EFG’s board and Kang’s leadership, at least through the end of June 2027.
What In other words for Olympique Lyonnais
For supporters of Olympique Lyonnais, this news offers a degree of reassurance after a turbulent period. The financial backing and governance stability provided by Kang and Ares are critical as the club aims to rebuild and compete at the highest level of French football. The commitment to avoid a sale process for at least another year allows the club to focus on on-field performance and long-term strategic planning.
The DNCG’s initial relegation decision highlighted the precarious financial state of many European football clubs. The swift action taken by EFG, with the support of its creditors, demonstrates the importance of strong financial management and proactive intervention to avoid such crises. The case of OL serves as a cautionary tale for other clubs facing similar challenges.
Michele Kang’s growing influence in women’s football – she is also the majority owner of the Washington Spirit in the NWSL and OL Lyonnes – adds another layer to her profile. Her commitment to investing in and promoting the women’s game is gaining recognition, and her leadership at EFG reflects a broader trend of increased female representation in football ownership, and management.
Looking Ahead
The immediate focus for Olympique Lyonnais remains on performance in Ligue 1. The club will be looking to build on its recent stability and challenge for European qualification. The long-term future of EFG remains subject to market conditions and potential investment opportunities, but the current agreement provides a clear runway for Kang and her team to execute their strategic vision.
The next key date for EFG and OL is June 30, 2026, when the commitment regarding a potential sale process expires. Until then, the club can operate with a degree of certainty, knowing that its governance structure is protected and its leadership is secure. Fans will be watching closely to notice how the club utilizes this period of stability to achieve its ambitions on and off the pitch.
Archysport will continue to monitor developments at Olympique Lyonnais and provide updates as they turn into available.
