March 30 – American businessman John Textor has lost control of Eagle Football Holdings Bidco and its multi-club portfolio after the company entered administration.
Eagle Football Holdings Bidco defaulted on its debts and has been taken over by London-based insolvency firm Cork Gully. The firm will look for buyers Brazil’s Botafogo, French side Lyon and Belgium’s RWD Molenbeek.
“We recognise the importance of Eagle Bidco’s role within the international football community and the concerns this news may cause for all stakeholders,” said Cork Gully’s managing partner Stephen Cork.
“Our immediate priority is to stabilise the company, manage its shareholdings responsibly, and work towards securing the future of the clubs involved. We invite interested parties to come forward and will be engaging with all stakeholders throughout this process.”
In a statement on its website, Eagle Football said they were “gravely offended by the unilateral and predatory decision of Ares Capital Corporation, to break-apart a financially viable multi-club business which has successfully turned-around insolvent clubs into sporting success stories which, when operated collaboratively, are cashflow positive in 2026 and beyond.”
Eagle and Textor (pictured) added that: “Ares is clearly not triggering administration with clean hands. In spite of our objections, Eagle Football does look forward to working with the administrator to hold Ares accountable for its actions, and clear violations of law, as we surely expect to regain control of our business.”
Those claims did not faze Ares. In a statement, as reported by The Athletic, the investment firm noted that “the highly misleading and inaccurate statements by John Textor and will defend its position through the proper legal channels.”
Eagle’s administration may well prompt Textor’s exit from the game. Last year, he had to relinquish control over Olympique Lyon, even if he later he sought to claw back some control, after he failed to repay financials obligations, and high interest fees owed to Ares.
The fund lent Textor more than €400 million, primarily to finance the acquisition of Lyon in 2022. Textor sold off a part of the women’s team, marquee players and the club’s indoor arena in order to balance the books, but the French financial watch dog, the DNCG, still threatened to relegated the club.
Last summer, Eagle sold its minority stake in Premier League club Crystal Palace to New York Jets owner Woody Johnson. The proceeds –about €200 million – were reportedly returned in full to Ares, allowing the fund to recoup some of its investment.
Eagle Football Group reported a net loss of €200 million for the financial year ended 30 June 2025, according to Bloomberg. Eagle’s Brazilian club Botafogo has been slapped with a transfer ban by FIFA over an unpaid transfer fee to Atlanta United and later a Brazilian court confirmed that the club were prohibited from trading players or selling assets without approval of the board.
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