Botafogo, Lyon, and RWDM Brussels put up for sale as Textor's Eagle Football faces restructuring
Botafogo, Lyon, and Belgian club RWDM Brussels have been officially put up for sale, according to an advertisement placed in the Financial Times. The notice was published on Tuesday by Corky Gully, a British firm specializing in financial restructuring which is now the administrator of Eagle Bidco, the holding company for John Textor's multi-club network. The sale encompasses the core assets of the troubled Eagle Football group, marking a significant moment in the ongoing financial and governance challenges facing global football.
The move follows the intervention of Ares Management, the group's main creditor, under English law procedures. Independent administrators have been appointed to stabilize the situation and maximize the value of the assets for sale. The advertisement describes Botafogo as "one of the most historic football clubs in Brazil," highlighting the symbolic and commercial value of the portfolio, which also includes the historic French powerhouse Olympique Lyonnais and the Brussels-based RWDM.
The sale process unfolds amidst the dramatic exit of American businessman John Textor from Eagle Bidco's board, with his resignation formalized on February 24. According to sources cited by the Financial Times, Ares viewed Textor's management as "consistently inadequate" and cited regulatory compliance failures. These issues reportedly contributed to instability, including a FIFA transfer ban imposed on Botafogo. Despite his removal, Textor reportedly retains control of Botafogo's SAF (Sociedade Anônima do Futebol) due to a court injunction in Rio de Janeiro.
Textor has responded to the sale announcement by framing it as a routine legal requirement. He suggested the process is designed to solicit external offers before any internal agreement with current shareholders and creditors can be finalized. However, his attempts to inject fresh liquidity into Botafogo, including a promised $25 million financing, have faced regulatory hurdles from the Brazilian football federation.
The advertisement has already attracted significant interest from international investors. The Financial Times reports at least six groups have expressed preliminary interest in acquiring the clubs. Potential suitors include prominent figures in sports investment such as Gerry Cardinale's RedBird Capital, Apollo Global Management, and Sheikh Moe Al Thani. Other notable names linked to the process are Alexander Knaster, Edward Eisler, and Jamie Dinan's Iconic Sports. The reported interest of John Elkann, the chairman of Juventus, underscores the high-profile nature of the potential transaction. Brazilian investors, including Juca Abdalla and entities linked to Banco BTG Pactual, are also said to be monitoring the situation.
This forced sale highlights the precarious nature of the multi-club ownership model when underpinned by significant debt. The outcome will have immediate sporting consequences for the clubs involved, particularly Botafogo and Lyon, who will be seeking stability after periods of uncertainty. A successful sale to a new consortium could redefine ownership structures across three major football markets and set a precedent for how creditors handle distressed sports assets on a global scale.
