Goodwin's London Real Estate Finance team advised the senior secured lenders, including Goldman Sachs Bank Europe SE under the Revolving Credit Facility of OL SASU, in one of the most complex and high-profile club restructurings in recent European football history. The transaction involved the acquisition of a controlling 87.78% stake in Eagle Football Group S.A. by Olympe Bidco SAS, Michele Kang's acquisition vehicle, out of the administration of Eagle Football Holdings Bidco Limited, combined with a comprehensive recapitalization of the OL Group.
Acting for the RCF lenders, Goodwin advised on the negotiation and documentation of a significant debt reprofiling, including an eighteen-month payment-in-kind arrangement across the RCF and a separate long term Stadium Loan, the adjustment of financial covenants, and the securing of ongoing lender protections through board observer rights. The debt restructuring was structured to take effect concurrently with completion of the acquisition and the implementation of Olympe Bidco's €71 million new money commitment to the OL Group, a carefully sequenced closing involving multiple jurisdictions, counterparties, and regulatory conditions.
The transaction also required navigation of the English administration process governing Eagle Bidco, parallel French securities law obligations, including a mandatory tender offer to be filed with the Autorité des marchés financiers, and the DNCG's assessment of the OL Group's financial viability for continued participation in Ligue 1.
The Goodwin team was led by Paul Gray and Lewis Gaut and included Thomas Plowman, Emily Lockhart, Zander Rawlins, Akshay Ruparelia, and Ayanda Kweyama in London and Benjamin Garçon, Adrien Paturaud, Benhouda Derradji, Jad Bezzari, Charlotte Mouradian, and Alexander Hahn in Paris. The RCF lenders were also represented by August Debouzy (Laurent Cotret and Clément Quernin).
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