Michele Kang strikes $30 million deal for Lyon owner in Eagle Bidco administration

Michele Kang has agreed to acquire an 87.78% controlling interest in the owner of French football club Olympique Lyonnais for $30 million, in a transaction that combines an English administration sale with €71 million of rescue financing and the release of approximately €232.6 million in subordinated debt.

Kang’s acquisition vehicle, Olympe Bidco SAS, entered definitive agreements with Eagle Football Holdings Bidco Limited, its joint administrators, OL Group and the group’s senior secured lenders following a competitive sale process conducted by Cork Gully.

Eagle Bidco, which entered administration in England and Wales in March, holds approximately 87.78% of the shares in OL Group, formerly known as Eagle Football Group SA. The administrators approached strategic investors, financial investors and existing creditors, with more than five interested parties receiving access to detailed financial and operational information.

The administrators selected Olympe Bidco’s proposal after considering the purchase price, execution certainty and speed, as well as the bidder’s ability to meet OL Group’s urgent funding requirements. The $30 million consideration equates to approximately $0.1943 per share and will be partly satisfied through the set-off of debt owed by Eagle Bidco to Kang’s YMK Holdings LLC.

The transaction includes a commitment by Olympe Bidco to provide up to €71 million to OL Group through subordinated shareholder loans over the 2026-27 and 2027-28 football seasons. An initial €31 million will be available at closing, while the remaining €40 million will be supported by a standby letter of credit in favour of Olympique Lyonnais SASU.

Approximately €232.6 million of subordinated debt will be released under an English-law intercreditor agreement. OL Group will also be released from liabilities owed to other Eagle Football affiliates, allowing it to leave the wider group controlled through Eagle Bidco.

OL’s revolving credit, term loan and securitisation facilities will be reprofiled as part of the deal. Senior secured lenders have agreed to capitalise interest and principal for 18 months, reprofile certain repayments and amend financial covenants. They will also be entitled to propose board observers for a 24-month period.

The acquisition remains conditional on French football regulator DNCG confirming that Olympique Lyonnais will remain in Ligue 1 for the 2026-27 season, together with the completion of other closing steps. The parties expect those conditions to be satisfied by June 30.

Following completion, Olympe Bidco will be required to make a mandatory tender offer for the remaining OL Group shares at the block acquisition price, subject to clearance by France’s Autorité des marchés financiers. The offer is expected to be filed by October, although Olympe Bidco does not intend to pursue a squeeze-out during the following 12 months.

OL Group established an independent committee to oversee the process because Kang is already its chair and chief executive. Kang did not participate in the board’s consideration or approval of the transaction. The board appointed Eight Advisory to provide an independent fairness opinion on the tender offer.

Kang will remain chair and chief executive of OL Group and president of Olympique Lyonnais SASU. The company will operate separately from OL Féminin and Kang’s other women’s football holdings and is expected to be renamed Olympique Lyonnais Groupe SA.