On Tuesday, the London-based football group founded by John Textor, Eagle Football Group announced that they had acquired a significant controlling stake in French football team Olympique Lyonnais (FR:OLG) from Holnest.
Holnest is the private family office of the clubs long standing Chairman and CEO, Jean-Michael Aulas.
Textor first announced his intention to buy the club back in June this year. Over the last month, discussions were tabled between the parties with Textor finalizing terms with the French regulatory body, Direction Nationale du Contrôle de Gestion.
Eagle Football completed the deal before the end of 2022, agreeing to buy any outstanding shares that it does not own at €3 per OLG share and €265.57 for each OSRANE share. The deal was valued at around $940 million, according to the Financial Times.
As part of the transaction, Jean-Michel Aulas has agreed to continue to oversee the organization and will become a director of Eagle Football Holdings Ltd.
Eagle Football will fund the transaction in part with new investments from a consortium of investors including private equity firm Ares Management (US:ARES), Iconic Sports Acquisition Co and Elmwood Partners.
Founder John Textor told investors in the press release that members of the investment consortium were selected because of their meaningful experience in owning and developing sporting, tech and entertainment organizations.
Textor added, “The ownership experience of both Iconic Sports and Ares in global professional sports, including football, means they bring much more than just capital to our family of clubs. In addition, the technology and consumer-apps experience of Elmwood Partners will help us to set new standards for the future of fan enjoyment.”
The latest transaction will be the fourth football club to be added to the group’s portfolio.
Eagle Football currently has investment interests in several clubs including:
- English Premier League Club – Crystal Palace
- Brazil Serie A Club – Botafogo de Futebol e Regatas
- Belgium First Division B Club – RWD Molenbeek
The Eagle Football Group is an organization focused on creating a portfolio of football ownership that is focused on historic, top-level clubs in major markets to harvest collaboration between teams and strengthen competitive outcomes while improving fan enjoyment.
With valuations of private and public businesses being slashed across the globe, this could be the beginning of further sporting club industry consolidation.
This article originally appeared on Fintel
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