AM03: Notice of administrators’ proposals Summary The appointment of Cork Gully LLP as Joint Administrators of Eagle Football Holdings Bidco Limited on 27 March 2026, executed unilaterally by Ares Capital Corporation acting […]
The Analysis Series: Eagle Football Holdings Bidco Limited Administration: Briefing note from Administrators, Cork Gully
The following statement was released on Companies House today by Eagle Football Holdings Bidco’s administrators Cork Gully LLP Proposals: Eagle Football Holdings Bidco Overview Eagle Football Holdings Bidco Limited (Companies House number […]
The Analysis Series: Continuing the analysis of Eagle Football, this time RWDM Brussels FC & the urgency for a solution
Ownership, collapse, licensing jeopardy & remedial pathways This article provides a financial and strategic analysis of RWDM Brussels FC (Racing White Daring Molenbeek), examining the club’s journey since its acquisition by […]
Analysis Series: The financial structure of French professional football, Broadcast rights, private capital and club solvency (1984–2031)
tl;dr….. French professional football has lost roughly half of its domestic broadcast value in a single decade, from €1.153 bn p.a. under the 2020 Mediapro/beIN deal to a projected €142 m […]
Olympique Lyonnais Groupama Stadium debt – in the context of Eagle Football Holdings Bidco Limited’s administration
This article continues the in-depth analysis of Eagle Football Holdings, details of which can be found on this page On March 27, 2026, Ares utilised a qualifying floating charge, which had been […]
The Analysis Series: Textor v Iconic Sports Eagle Investment LLC (update)
Case Citations: [2026] EWCA Civ 355 • [2026] EWHC 514 (Comm) • CL-2025-000308 • 2:25-cv-14239 (S.D. Fla.) Verification: All case citations and procedural facts are from primary court records (Judiciary.gov.uk, BAILII, CourtListener, […]
The Analysis Series: A deeper look at Chelsea’s ownership, BlueCo 22 Limited & 22 Holdco Limited (Year Ended 30 June 2025)
Following on from my initial analysis of the Chelsea ownership, I thought a further look at the two companies, Blueco 22 Limited and its parent company 22 Holdco Limited would be […]
Systemic collapse of Eagle Football Holdings must bring highly leveraged multi-club operations to a swift end
Eagle Football Holdings was initially marketed to global investors and regulatory bodies as a synergistic, highly integrated multi-club ownership (MCO) model, encompassing Olympique Lyonnais in France, Botafogo de Futebol e Regatas in […]
The Analysis Series: Systemic collapse of the Eagle Football multi-club ownership model: Comprehensive legal, financial, & regulatory analysis
The complete disintegration of Eagle Football Holdings multi-club ownership acts as a huge warning shot to regulators and fans alike regarding the globalisation of what remains (and should remain) independent local […]
The Analysis Series: Financial architecture of 22 Holdco Limited: Analysis of Ares Management’s credit exposure, warrants, and embedded derivative structures within the Blueco consortium
For anyone wanting an understanding of how Chelsea are funded and how Ares operate this is a must read: Summary and macro-financial context The global sports finance landscape has undergone a profound […]
Shifting tides of private capital: Analysis of the US Private Credit market and its influence on Global Sports
The global financial system is currently navigating a period of (at best) structural realignment, following the meteoric rise of private credit as a primary source of corporate and specialised finance. Historically a […]
The Analysis Series: Continued analysis of the Eagle Football Holdings collapse, updated with the Botafogo-Olympique Lyonnais litigation
What began as an ambitious attempt by American businessman John Textor to combine the talent-rich Brazilian football market with the commercial infrastructure of European leagues has culminated in a series of high-stakes […]
The Analysis Series: Financial evolution of Eagle Football Group: Analysis of EBITDA and operational performance (2021–2026)
Football is a high risk business. Financial performance is determined by success on the pitch, the security of media rights deals, player acquisition and disposal, the cost and form of capital […]
The Analysis Series: Analysis of Ares Capital Corporation and Eagle Football Holdings Bidco Limited debt architecture
With the appointment of administrators, Cork Gully, in London’s High Court on Friday 27th March 2026, a detailed analysis shows Ares (the lender and security agent) rights and what happens to the […]
The Analysis Series: Ares Management Corporation: Credit, Capital Structure, and the Football Investment
ARES and football investment Ares Management Corporation (ARES) is an established, leading global alternative investment manager, distinguished by its asset-light, fee-centric business model. The firm’s strategy encompasses complementary primary and secondary investment […]