Private equity firm Ares Capital Corporation has appointed administrators to Eagle Football Holdings Bidco Limited, the majority owner of French football club Olympique Lyonnais, after defaulting on debts. The move, filed in London's High Court, creates uncertainty for one of France's most prominent clubs. Eagle Bidco also controls stakes in Brazilian club Botafago and Belgian team RWDM Brussels through US businessman John Textor's football investment group.

Ares, which became Textor's largest creditor after lending roughly $400 million to fund Lyon's 2022 takeover, opted against seizing assets last year despite a default on over $450 million in debt with interest rates up to 22 percent. Cork Gully has been appointed as administrators to stabilize the company and manage its shareholdings responsibly. The clubs' operations will continue normally as none are in administration themselves.

Textor disputes the default, calling Ares's action 'unilateral and predatory' against a 'financially viable multi-club business.' The administration represents a setback for Ares but follows profitable exits from investments in Spanish club Atlético de Madrid and the McLaren Formula 1 team. The uncertainty comes as French football faces broader challenges, with Ligue 1 launching its own streaming service after its broadcast deal with DAZN collapsed.