John Textor wants to raise €300m in funds at Lyon
According to the Financial Times, Olympique Lyonnais owner John Textor is hoping to raise €300m at the club through the sale of physical assets and the usage of the bond market. These physical assets include the new 16,000 all-seater entertainment arena built on OL Vallee and Lyon’s US based women’s team OL Reign.
In an interview with the financial publication, the American businessman told FT, he was “parring off non-core assets to focus on football” and that OL had been previously “way too heavy on physical assets“. Textor wants to use the money from asset sales to invest in youth development, academies and reducing the debt linked with his €900m takeover of Les Gones. This cash injection would be much welcomed at the Groupama Stadium following the club’s difficulties to sign players in the summer transfer window due to restrictions placed on the club by the DNCG.
Textor has already begun selling assets at the club including a majority stake in OL Féminin to American business woman Michelle Kang. However, this deal is yet to be approved by French authorities. The €300m bond secured with the help of Goldman Sachs should be used to secure the club’s stadium and reorganise OL’s debts reportedly coming from “a dozen different banks“. The owner of the Eagle Football Group hopes this will improve the 7-time Ligue 1 winners’ financial health.
GFFN | Liam Wraith
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