Announcement • Jun 27
Michele Kang competed the acquisition of 87.78% stake in Eagle Football Group SA (ENXTPA:EFG) from Eagle Football Holdings Bidco Limited. Michele Kang agreed to acquire 87.78% stake in Eagle Football Group SA (ENXTPA:EFG) from Eagle Football Holdings Bidco Limited for $30 million on March 27, 2026. A cash consideration of $30 million valued at $0.1943 per share will be paid by the buyer. As part of consideration, $30 million is paid towards common equity of Eagle Football Group SA. Concurrently, agreements have been reached with Olympique Lyonnais SASU's (“OL SASU” and together with EFG, “OL Group”) senior secured lenders under the existing RCF and FCT, the financing commitment of up to €71 million provided by Michele Kang, and the release of OL Group’s liabilities towards affiliates of “Eagle Football”. The Transaction aims at providing new funding and stability to the OL Group amid severe financial difficulties. This agreement results from the competitive sale process conducted by Cork Gully, joint administrators of Eagle Bidco pursuant to the UK Insolvency Act 1986 (the “Bidco Administrators”), whose statutory duty is to maximize the value from Eagle Bidco’s assets for the benefit of its creditors. The price would, in part, be settled on a cashless basis by setting-off a portion of the debt owed by Eagle Bidco to YMK Holdings, LLC at completion. Upon completion of the acquisition of the EFG shares from Eagle Bidco, Michele Kang would become the owner of 87.78% of the shares of EFG. In the weeks following the acquisition and in compliance with applicable laws, Michele Kang will file with the French Autorité des marchés financiers (“AMF”) a mandatory tender offer for the remaining EFG shares. The Tender Offer is expected to be filed in October 2026 at the latest. Michele Kang does not intend to request a squeeze-out within the next 12 months. Michele Kang would remain Chair, Chief Executive Officer of EFG and President of OL SASU. Michael Gerlinger would remain general manager of OL SASU. Eagle Football Group S.A. will be renamed “Olympique Lyonnais Groupe S.A.” as part of the next shareholders’ meeting of the Company. The listing of the Company’s shares will resume by 24 June 2026.
The transaction is subject to approval of merger agreement by target board. The Board of Directors of Eagle Football Group SA formed a special committee for the transaction. The completion of the Transaction remains subject to the OL team being maintained in Ligue 1 for the 2026/2027 season and the completion of certain closing steps. The expected completion of the transaction is June 30, 2026.
Michele Kang completed the acquisition of 87.78% stake in Eagle Football Group SA (ENXTPA:EFG) from Eagle Football Holdings Bidco Limited on June 26, 2026. Following the satisfaction of the condition precedent relating to the OL team being maintained in Ligue 1 for the 2026/2027 season by the Direction Nationale du Contrôle de Gestion (DNCG) and the completion of certain closing steps, Michele Kang acquired today from Eagle Football Holdings Bidco Limited (in administration) (“Eagle Bidco”) all of the EFG shares held by Eagle Bidco (representing approximately 87.78% of the share capital), for an aggregate price of $30 million (approximately $0.1943 per share), in the context of the English administration proceedings. In accordance with applicable laws and regulations, Michele Kang will file a mandatory tender offer for the remaining EFG shares with the French Autorité des marchés financiers at the price of the block acquisition (the “Tender Offer”). Announcement • Jun 24
Michele Kang agreed to acquire 87.78% stake in Eagle Football Group SA (ENXTPA:EFG) from Eagle Football Holdings Bidco Limited for $30 million. Michele Kang agreed to acquire 87.78% stake in Eagle Football Group SA (ENXTPA:EFG) from Eagle Football Holdings Bidco Limited for $30 million on March 27, 2026. A cash consideration of $30 million valued at $0.1943 per share will be paid by the buyer. As part of consideration, $30 million is paid towards common equity of Eagle Football Group SA. Concurrently, agreements have been reached with Olympique Lyonnais SASU's (“OL SASU” and together with EFG, “OL Group”) senior secured lenders under the existing RCF and FCT, the financing commitment of up to €71 million provided by Michele Kang, and the release of OL Group’s liabilities towards affiliates of “Eagle Football”. The Transaction aims at providing new funding and stability to the OL Group amid severe financial difficulties. This agreement results from the competitive sale process conducted by Cork Gully, joint administrators of Eagle Bidco pursuant to the UK Insolvency Act 1986 (the “Bidco Administrators”), whose statutory duty is to maximize the value from Eagle Bidco’s assets for the benefit of its creditors. The price would, in part, be settled on a cashless basis by setting-off a portion of the debt owed by Eagle Bidco to YMK Holdings, LLC at completion. Upon completion of the acquisition of the EFG shares from Eagle Bidco, Michele Kang would become the owner of 87.78% of the shares of EFG. In the weeks following the acquisition and in compliance with applicable laws, Michele Kang will file with the French Autorité des marchés financiers (“AMF”) a mandatory tender offer for the remaining EFG shares. The Tender Offer is expected to be filed in October 2026 at the latest. Michele Kang does not intend to request a squeeze-out within the next 12 months. Michele Kang would remain Chair, Chief Executive Officer of EFG and President of OL SASU. Michael Gerlinger would remain general manager of OL SASU. Eagle Football Group S.A. will be renamed “Olympique Lyonnais Groupe S.A.” as part of the next shareholders’ meeting of the Company. The listing of the Company’s shares will resume by 24 June 2026.
The transaction is subject to approval of merger agreement by target board. The Board of Directors of Eagle Football Group SA formed a special committee for the transaction. The completion of the Transaction remains subject to the OL team being maintained in Ligue 1 for the 2026/2027 season and the completion of certain closing steps. The expected completion of the transaction is June 30, 2026. Reported Earnings • May 18
First half 2026 earnings released: €0.99 loss per share (vs €0.71 loss in 1H 2025) First half 2026 results: €0.99 loss per share (further deteriorated from €0.71 loss in 1H 2025). Revenue: €76.0m (down 8.3% from 1H 2025). Net loss: €186.5m (loss widened 59% from 1H 2025). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. 
