Ares Management, one of the world’s largest alternative asset managers, is on the verge of seizing control of Olympique Lyonnais. The move would complete a remarkable arc from creditor to owner for a firm that originally bankrolled the club’s acquisition and then watched it spiral into financial distress.
Michele Kang, majority owner of the Washington Spirit women’s soccer team and OL’s current president, is partnering with Ares on the deal. Together, the two are positioned to reshape the future of a club that once dominated French football but has spent the last several years drowning in debt and governance chaos.
From lender to landlord
Back in 2022, Ares provided over $450 million in financing to Eagle Football Holdings, the investment vehicle led by American businessman John Textor, to acquire OL. Eagle Football defaulted on its substantial loan obligations, and Ares is now seeking recovery of approximately $250 million after partial repayments.
In March 2026, Ares appointed administrators to Eagle Football Holdings, a formal step that signaled the creditor had lost patience. By April, the sale process for OL had advanced significantly, with Ares and Kang emerging as the clear frontrunners.
