John Textor sidelined from Eagle Bidco control, OL governance unaffected | OneFootball

Cork Gully said in a statement on Friday that it has been appointed administrator of Eagle Bidco under English law following financing defaults. The move removes John Textor from control of the holding company, which owns stakes in several clubs, including a majority interest in Eagle Football Group, the listed parent of Olympique Lyonnais.

The process is intended to avoid insolvency and gives Cork Gully control of Eagle Bidco. Textor can no longer claim the presidency of the company. He had previously been removed from all roles at OL, where he had tried to regain control.

The appointment concerns only Eagle Bidco, not any club, and daily operations, matches and sporting activities are to continue as normal. The administration process is designed to protect value and continuity rather than disrupt clubs or their supporters.

OL’s governance, led by Michele Kang and Michael Gerlinger alongside the board, and OL Groupe’s daily operations are not affected. Administrators have not been appointed to any Eagle Bidco subsidiaries.

If the administrators move to sell Eagle Bidco’s 85% holding in OL Groupe, any Eagle Bidco creditor, including Michele Kang, could table an offer.

Source: Le Progres