OL sale postponed to November 17, John Textor under pressure

A joint press release from OL Groupe, Holnest (the family holding company of Jean-Michel Aulas), IDG Capital (the Chinese investors who are selling their shares), Pathé and Eagle Football (the company of John Textor) announced, this Monday morning, a new deadline for the sale of Olympique Lyonnais: all parties have agreed on a “new date of completion of the operation to November 17”. The press release also states: “To date, substantial progress has been made on all the steps that are necessary to complete the operation. »

As announced in recent days, this new delay is explained by “the finalization by Eagle Football of the detailed documentation with the usual authorizations (in particular from the football authorities) and the internal verification procedures for the lenders of the OL group”.

Clearly, the sale remains subject to procedures for identifying the origin of funds and investors. After September 30 and October 21, November 17 is the third date set for the sale, while OL Groupe’s listing was suspended on October 19.

But the press release, above all, highlights a new pressure on John Textor and his investors, by evoking “the intermediate steps for the signature of final debt and equity financing documentation”, and by announcing, above all, that these steps “Open the right to termination, without prejudice to other rights, for the benefit of Pathé, IDG, Holnest and OL Groupe if one of these steps is not carried out. »

Sellers could therefore refuse to sell, without sanction, if John Textor and Eagle Football do not meet these intermediate stages before November 17th.

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