American businessman John Textor, owner of OL (Photo by OLIVIER CHASSIGNOLE / AFP)
In addition to the voluntary redundancy plan, Eagle Football Group has admitted to experiencing “cash flow difficulties” in recent weeks. To address this, money will be put back into the pot.
The news had already leaked in the middle of the day on Monday, before being confirmed early in the evening by a press release from Eagle Football Group (EFG). A publication in which the company takes stock after the summer transfer window of 2024. Among the points to remember, there is above all “cash flow difficulties” encountered by EFG in recent weeks.
To fill the gap, Eagle Football Holding (EFH), the parent company, is preparing to provide €40 million to its subsidiary in the form of working capital financing. This should prevent EFG from meeting its obligations, in particular by paying suppliers who have been late in paying Eagle.
There is also talk of a “cost rationalization plan to adapt to the new realities and revenue prospects of Ligue 1“, which will lead to “discussions with social partners which could potentially lead to a voluntary departure plan.”
Crystal Palace shares sold and listed on the stock exchange
Further cash inflows are expected with the sale of John’s shares Textor at Crystal Palace, as well as with the listing on the New York Stock Exchange of Eagle Football Holding, and not Eagle Football Group, towards the end of 2024. The capital acquired once these actions are completed”should be used mainly to provide funds to the club subsidiaries (including Olympique Lyonnais) and to repay the debt“, it is specified. Which will not be too much since with “the significant reduction in revenues from national TV rights“, we will have to find money elsewhere.
Finally, the company explains that it “did not meet its sales targets“during the summer period, mainly “due to the decision of certain players to stay at OL“. “Retaining these players allows the club to maintain a strong competitive position for the 2024-2025 season.“, it is specified, although the beginning of the exercise is not really in line with this sentence.
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