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Deals & Cases
08 Jul 2026

August Debouzy advises Goldman Sachs and MUFG on Olympique Lyonnais restructuring

"August Debouzy advised Goldman Sachs Bank Europe SE and MUFG as senior secured lenders, and Goodwin advised the RCF lenders, on the restructuring accompanying Olympe Bidco’s acquisition of 87.78% of Eagle Football Group S.A. The deal includes a €71m equity commitment and a group-wide recapitalization, subject to DNCG and regulatory approvals."

August Debouzy advised Goldman Sachs Bank Europe SE and MUFG as senior secured lenders under OL SASU’s revolving credit facility, while Goodwin also advised the RCF lenders in the transaction. The transaction covers the acquisition by Olympe Bidco SAS, the acquisition vehicle of Michele Kang, of a controlling 87.78% stake in Eagle Football Group S.A. as part of the English administration process in respect of Eagle Football Holdings Bidco Limited. The acquisition is accompanied by a comprehensive recapitalization of the Olympique Lyonnais group. The debt restructuring was structured to take place concurrently with completion of the acquisition and the implementation of a €71 million new-money commitment by Olympe Bidco for the benefit of the Olympique Lyonnais group. The operation involves a particularly complex closing sequence across multiple jurisdictions, counterparties and regulatory conditions. The transaction requires coordination between the English administration of Eagle Bidco, the French-law obligations applicable to Eagle Football Group S.A. — including the filing of a mandatory public offer with the Autorité des marchés financiers — and review by the DNCG of the club’s financial situation for its continued participation in Ligue 1. Completion remains subject to the DNCG’s administrative approval and satisfaction of the usual regulatory conditions. August Debouzy represented Goldman Sachs Bank Europe SE and MUFG with a team composed by: Laurent Cotret (partner), Clément Quernin (counsel) and Martin Crutchet from the firm’s restructuring practice. Goodwin represented the RCF lenders with a team composed by: Paul Gray and Lewis Gaut, including Thomas Plowman, Emily Lockheart, 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.
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