May 13 – Brazilian club Botafogo must pay $25 million to Atlanta United within 90 days to avoid a six-point deduction in the Brasileirão.
On Monday, the Rio club were handed another transfer ban for the outstanding debt over Thiago Almada’s transfer to the MLS franchise. Botafogo paid $10 million dollars in cash for the first instalment, in early February, but have failed to pay the second.
Botafogo has been slapped with repeated transfers bans. They owe Bulgarian club Ludogorets for the hiring of Rwan Cruz, who arrived at the club for €8 million. They also did not pay off installments of 5 million dollars to New York City for hiring Santi Rodriguez.
The Rio club is however in the process of judicial insolvency recovery which allows Botaofogo to renegotiate debts with creditors to avoid bankruptcy. The club argues that all debts should be considered within the judicial recovery systm, preventing FIFA from imposing different sanctions for the club’s debts to football creditors.
Botafogo were a part of John Textor’s multiple club ownership group, but the American businessman has been removed as director at the club. Shares in Botafogo served as a collateral for Textor’s loan from American investment fund Ares.
On Tuesday, Lyon and the Eagle Football Group published their account of the first half year, revealing an improved EBITDA but a fragile financial situation. By December 31, the club reported an EBITDA of -€2.2 million, a big improvement on the -€46.1 million deficit recorded the previous year. On the other hand, the club has negative equity of €347.9 million, and net debt of €674.6 million.
The administrators have also discovered a few ‘bodies in the closet’ in the form of guarantees made. Under Textor, Lyon and Eagle made three guarantees to support obligations to other clubs in Textor’s portfolio. Those guarantees were not disclosed in published financial statements. The exposure is about €80 million.
Eagle Bidco, the parent company that owns 88% of Lyon, is currently in insolvency proceedings in the UK with Cork Gully handling the administration.
Current president Michelle Kang and Ares are seen as the frontrunners to win the Bidco auction. The next few weeks will be crucial for Lyon to negotiate with the DNCG, the French financial watchdog, and its creditors to ensure the club can keep playing.
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