New John Textor update emerges amid Sheffield Wednesday takeover links | OneFootball

Further updates emerge that could impact John Textor's potential purchase of Sheffield Wednesday

American businessman John Textor is reportedly planning to cut ties with his investment firm Eagle Football Group, which owns French club Lyon and Brazilian side Botafogo amid links to Sheffield Wednesday.

It has been reported by Canaldomedeiros that the 59-year-old is prepared to sever all ties with the business.

Textor has earned a horrid reputation from OL supporters for his financial mismanagement of the team, who were initially relegated by authorities earlier this summer.

While the decision was ultimately overturned on appeal, it highlights how far the club have fallen under his ownership that it was at risk in the first place.

John Textor readying moves that could open the door for Sheffield Wednesday bid

Textor has reportedly reached an agreement with Nottingham Forest owner Evangelos Marinakis so that Botafogo could become part of his wider football network.

Textor is not a direct owner of the South American side, with his investment instead coming through the Eagle Football Group.

This group sold its shares in Crystal Palace earlier this year, although it did not prevent the London outfit from being demoted to the Conference League, despite their FA Cup triumph, due to breaching UEFA’s rules on multi-club ownership.

Textor is a figurehead for the company, and has become very unpopular among Lyon and Botafogo supporters since his involvement began with the two clubs.

It has been claimed that the American met with Marinakis to discuss the terms of a deal that would lead to the Greek taking over Botafogo.

It’s understood that Textor is willing to sever all ties with the Eagle Football Group, which follows from reports of discussions over a takeover of Sheffield Wednesday.

It was claimed in August that the American is seeking to raise funds for a purchase of Dejphon Chansiri’s stake in the Yorkshire outfit, separate from Eagle Football Group.

However, no agreement has yet been reached over a purchase of the club.

John Textor is taking steps that could lead to Sheffield Wednesday purchase

Textor earned a reported £190 million for the sale of his stake in Crystal Palace, and these moves with the Eagle Football Group could bring in even more funds.

This is what he will need in order to create the money he needs to potentially purchase Sheffield Wednesday.

While his reputation in England, France and Brazil is not exemplary, Sheffield Wednesday supporters will be keen for almost anybody to replace Chansiri as owner.

The Owls have endured a very difficult year under the Thai businessman, who has not shown that he can continue funding the club long-term.