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Ares Management, one of the world’s largest alternative asset managers, is on the verge of seizing control of Olympique Lyonnais. The move would complete a remarkable arc from creditor to owner for a firm that originally bankrolled the club’s acquisition and then watched it spiral into financial distress.
Michele Kang, majority owner of the Washington Spirit women’s soccer team and OL’s current president, is partnering with Ares on the deal. Together, the two are positioned to reshape the future of a club that once dominated French football but has spent the last several years drowning in debt and governance chaos.
From lender to landlord
Back in 2022, Ares provided over $450 million in financing to Eagle Football Holdings, the investment vehicle led by American businessman John Textor, to acquire OL. Eagle Football defaulted on its substantial loan obligations, and Ares is now seeking recovery of approximately $250 million after partial repayments.
In March 2026, Ares appointed administrators to Eagle Football Holdings, a formal step that signaled the creditor had lost patience. By April, the sale process for OL had advanced significantly, with Ares and Kang emerging as the clear frontrunners.
The two parties agreed to postpone the final sale process until June 30, 2026, giving them a defined runway to finalize terms. As of mid-June 2026, both sides have indicated that a deal is imminent.
Kang’s rise from emergency hire to central figure
Textor resigned as the club’s leader in June 2025, bowing out amid mounting financial pressure. Kang stepped in as OL’s president, initially taking on what looked like an operational caretaker role.
In July 2025, Ares and Kang jointly provided OL with approximately €87 million in funding plus a €30 million guarantee, essentially keeping the lights on at a club that was staring down both financial ruin and potential relegation threats. The club later appealed its relegation situation.
Kang’s leadership role is now secured until at least June 30, 2027, regardless of how the ownership transfer shakes out.
What this means for investors
For institutional investors watching this space, the key dynamic is leverage risk. Eagle Football’s collapse under the weight of its debt obligations is a cautionary tale about over-leveraging in sports acquisitions. The initial $450 million-plus financing package that Ares provided was enormous relative to the club’s revenue-generating capacity, and when performance on the pitch faltered alongside governance disputes off it, the entire structure buckled.
The risk is that sports clubs aren’t widgets. Fan sentiment, regulatory scrutiny from leagues and governing bodies, and the inherent unpredictability of competitive performance all introduce variables that traditional distressed investing doesn’t face.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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