Overview
- EFG and OL announced on June 23 that Kang will buy about 87.7–87.8% of Eagle Football Group for roughly $30 million, making her the club’s principal owner.
- Kang has pledged up to €71 million in new funds with an initial €31 million tranche and lenders have granted short-term facilities to keep the club afloat.
- The deal is reported to include extinguishing about €232.6 million of the group’s debt and a plan for lender forbearance over the next 18 months.
- Regulatory steps remain: the agreement must be cleared by the Autorité des marchés financiers and the DNCG must confirm OL’s administrative place in Ligue 1 before the sale closes.
- John Textor has publicly attacked Kang in a letter posted by Eagle Football, and the transaction will be followed by a mandatory tender offer for remaining shares and a return to the OL Groupe name.