Date: 13 August 2026 TL;DR Verified: On Wednesday 12 August 2026, HH Judge Mark Pelling KC (London Commercial Court, KBD) granted John Textor an interim injunction restraining Cork Gully, administrators of Eagle […]
The Analysis Series: Ares Management Corporation, corporate update and sports exposure
State of the Platform, H1 2026: Fundraising, Redemptions, Private Credit Performance, and the Football Exposure in Context Eagle Football Holdings (crystallised) · Chelsea FC / BlueCo / 22 Holdco (uncrystallised) Analysis by […]
The Analysis Series: Chelsea FC & BlueCo consolidated group structure, Report on cash flow, debt structure, squad valuation, transfer payables & receivables, and forward funding requirements
Date: July 23, 2026 Primary Sources: Companies House filings (Chelsea FC Limited, Chelsea FC Holdings Limited, BlueCo 22 Limited, 22 Holdco Limited, FY ended 30 June 2025); UEFA CFCB published settlement summary […]
The Analysis Series: Olympique Lyonnais, Two Ownership Transactions: the 2022 Eagle Football / John Textor acquisition and the 2026 Michele Kang / Olympe Bidco acquisition
28 June 2026 Sources: AMF / Euronext filings · Companies House (Cork Gully Statement of Proposals) · OL Groupe / Eagle Football Group press releases (Actusnews) · KBRA / DBRS Morningstar rating […]
The Analysis Series: Ares – Eagle Football Bidco, debt notes inventory & Jersey listing
Complete inventory of debt tranches, TISE listing status, and implications for Ares Capital Corporation and its noteholders Primary sources prioritised throughout; Secondary sources explicitly flagged Prepared 25 June 2026 Primary sources: […]
The Analysis Series: Analysis of the 23 June 2026 Eagle Football Group Press Release – sale of Olympique Lyonnais, impact on Ares & Botafogo
Eagle Football Group Press Release Prepared 24 June 2026 Sources: Eagle Football Group S.A. press release | Cork Gully LLP Statement of Proposals | Bloomberg | Reuters | theesk.org Summary Analysis of […]
The Analysis Series: Assessment of Florida filing: Textor v. Eagle Football Holdings Bidco Limited, Lins and Montenegro (Case No. 50-2026-CA-006258-XXXA-MB, 15th Judicial Circuit, Palm Beach County)
2026-06-12 Amended Complaint What this document actually is This is the Amended Before Reply Complaint, filed 12 June 2026 by McDonald Hopkins LLC (Alan Burger, Alaina Karsten) on Textor’s behalf, in Florida […]
Analysis Series: Administration of Eagle Football Holdings Bidco Limited: A planned creditor enforcement and the playbook of alternative asset lenders in football
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 […]