Washington Spirit owner Michele Kang has agreed to buy Olympique Lyonnais in a deal that would sever the French soccer club’s ties to John Textor’s Eagle Football Holdings.
Under the transaction, an entity controlled by Kang called Olympe Bidco SAS will pay $30 million for an 87.8% stake in the soccer club while pledging to inject up to $80.8 million (€71 million) of fresh capital into the organization over the next two seasons, according to statements from Lyon and Eagle Football Group (Eagle Football Group is a publicly traded entity that owns and operates Lyon, while Eagle Football Holdings is a private holding company formed by Textor to own his stakes in teams; following this transaction, it would still hold stakes in Brazil’s Botafogo and Belgium’s RWDM Brussels).
The agreement remains subject to certain conditions, including Lyon maintaining its spot in the top French soccer league, Ligue 1. It is expected to close by June 30.
Once the deal for 87.8% of Lyon is wrapped up, Kang will file a tender offer to acquire the remaining shares, giving minority shareholders the ability to exit. The expectation is that the tender offer will be made by October.
“It is with a great sense of responsibility and immense honor that I am joining this process of taking over Olympique Lyonnais today,” Kang said in Tuesday’s statement.
