John Textor, president and owner of Olympique Lyonnais. (Photo by JEFF PACHOUD / AFP)
The 2023-2024 accounts of Eagle Football Group (formerly OL Group) may not be validated by the group's auditors. The debt also continues to increase.
The accounts of the OL group were published on the evening of November 6, and they are bad. They thus report 505 million euros in financial debts according to the press release from Eagle Football Group (formerly OL Group) which also indicates that “the group's auditors are considering issuing an impossibility of certifying on the corporate and consolidated accounts of Eagle Football Group“.
505 million euros of debt
And added: “The auditors considered that the audit work carried out on the structuring assumptions of going concern did not allow them to collect sufficient conclusive evidence to rule on the reasonableness of the various assumptions, nor consequently on the validity of the principle of continuity of operation adopted for the closing of the corporate and consolidated accounts of Eagle Football Group.“
After being postponed twice, the publication of the accounts is not likely to reassure supporters worried about the financial future of the club. If the group's net profit has improved, going from -47.5 million euros over the previous financial year, to -25.7 million euros in 2023-2024, the financial debt continues to increase – on a slower pace – going from 458 million euros to 505 million euros. As a reminder, in 2019, OL Group's debt amounted to 244 million euros.
The group is banking on a contribution of a maximum amount of 40 million euros promised by John Textor coming from a probable but not recorded sale of its shares in Crystal Palace, a contribution of 75 million coming from sales, also forecast, of players and finally a contribution of 100 million hoped for at the start of 2025 with the IPO of Eagle Football Holdings.
