The sale of Olympique Lyonnais is again postponed. After an initial postponement at the end of September, OL Groupe announced in a press release on Monday October 24 that the takeover of OL by American businessman John Textor was again postponed until November 17.
“Pathé, IDG Capital and Holnest, OL Groupe and Eagle Football have agreed on (i) setting the new date for the completion of the operation on November 17, 2022”writes the club in the press release. The conclusion of this sale was first announced for September 30, then had was postponed for the first time to October 21.
Pathé, IDG Capital and Holnest, #OL Groupe and Eagle Football have agreed to set the new date for the operation on November 17, 2022#OLGroup #Eco #PDF #Communicated
(OL: https://t.co/QMgz9dwW1I) pic.twitter.com/6uODt0hwgF— OL+ (@OL__Plus) October 24, 2022
“With regard to the financing of the transaction, Eagle Football has informed OL Groupe that advanced discussions are underway with identified debt and equity investors ready to support the transaction. However, this financing remains subject to finalization by Eagle. Football detailed documentation the usual authorizations (in particular from the football authorities) and the internal verification procedures of the lenders of the Olympique Lyonnais group. Under these conditions, the closing of the operation could not be carried out on October 21.explains OL Groupe.
Even though “to date, substantial progress has been made on all the steps that are necessary to complete the operation”, the press release mentions “intermediate steps for the signing of final debt and equity financing documentation (…) giving rise to the right to termination, without prejudice to other rights, for the benefit of Pathé, IDG, Holnest and OL Groupe if one of these steps was not carried out”. Concretely, sellers will be able to refuse to sell, without penalty, if all the intermediate steps are not completed by November 17.
Last June, OL announced the opening of exclusive negotiations to make John Textor, via his company Eagle Football, the majority shareholder of the group. This movement must be accompanied by an increase in the capital of the club to the tune of 86 million euros, “to make significant investments, particularly in sports teams, as well as in infrastructure”, according to the statement shared at the time.