October 31 – John Textor plans to take his Eagle Football group, a multiple club ownership holding company, public in the US with a $1.1 billion flotation in the first quarter of 2025 to recapitalise and service debt.
In a statement, Eagle Football Holdings broke down the recapitalization plan: Up to $100 million of common equity, through the pre-IPO issuance of common shares of Eagle Football; an estimated $500 million of common equity, through the issuance of common shares of Eagle Football in connection with its planned 1st quarter IPO; up to $500 million to retire existing senior debt, to be achieved through the sale of its interest in Crystal Palace Football Club and, possibly, the placement of long-term senior notes.
Bloomberg earlier reported that Textor (pictured) and Eagle Football were seeking to borrow about $300 million to help repay part of a loan from Ares Management, an investment firm with links to Inter Miami, Chelsea and Atletico Madrid, as part of a broader recapitalisation plan. A part of the sale of the Crystal Palace stake will also be used to service the debt. Textor has so far failed to find a buyer.
Eagle Football said in a statement that they have engaged “a group of globally-recognized investment banks” to lead the recapitalisation plan. The Raine Group is tasked with the sale of the stake in Crystal Palace.
Eagle Football owns majority stakes in Olympique Lyonnais, Brazil’s Botafogo and Belgium’s RWD Molenbeek. Recently, Textor had been linked to investment in Everton. The group said that Botafogo’s revenue is expected to exceed $100 million in 2024. Earlier this week, the Rio club clinched a ticket to their first-ever Copa Libertadores final. Textor and his holding project player transfer revenue to exceed $225 million this season.
The statement said that the group has chosen to delay its filings in the United Kingdom following a change in its financial reporting to comply with US accounting standards. In France, Eagle Holdings hasn’t filed its financial accounts for the year 2023-24 either because of a pending audit.
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