Ares and Kang near Lyon control deal

Ares Management and Michele Kang are close to agreeing a deal to take control of Olympique Lyonnais, offering the club fresh capital as they seek to stabilise its finances and ownership structure.The proposed transaction is being finalised with Cork Gully, the administrator of Eagle Football Holdings Bidco, which holds the controlling interest in Lyon’s listed parent company.Ares and Kang would provide new funding to meet Lyon’s working capital requirements and support the club during its annual review by French football’s financial regulator, the DNCG.The size of the investment and the proposed ownership split have not been disclosed. A final agreement has yet to be completed and the structure could still change.Kang already serves as president of Lyon and chair of Eagle Football Group, having replaced John Textor in the club’s senior leadership in June 2025.She also owns OL Lyonnes, Washington Spirit and London City Lionesses through her wider women’s football investment platform, giving her an established operational presence in Lyon.Ares helped finance Eagle Football’s acquisition of Lyon in 2022 and later became the group’s largest creditor. Eagle subsequently defaulted on debt obligations, triggering a dispute between Ares and Textor over control and repayment.Administrators were appointed to Eagle Football Holdings Bidco in March after Ares pursued enforcement action. Lyon were not placed into administration and continued to operate separately from the proceedings affecting their controlling shareholder.A takeover would shift Ares from lender to owner while consolidating Kang’s management authority at the club. It would also reduce Textor’s influence over Lyon and begin unwinding a multi-club model that previously connected the French side with Botafogo and RWD Molenbeek.The negotiations follow a period of financial and regulatory pressure for Lyon, including scrutiny from the DNCG and a successful appeal against relegation from Ligue 1 in 2025.Fresh funding would strengthen Lyon’s position ahead of their next regulatory assessment, while giving Ares a route to protect part of its investment in Eagle Football.Completion would leave the new owners responsible for rebuilding Lyon’s balance sheet and establishing a governance structure independent of Eagle Football Holdings Bidco.