Botavgo loans 22 million to Lyon overdue; Greek ship king will fund former Lyon boss

Hupu, August 2, exclusive report by the Brazilian Globe, former Lyon boss John Tector began to "buy back" the Botafogo club, and is expected to receive financial support from Greek businessman Evangelos Marinakis.

After Lyon's barely retained its Ligue 1 qualification and after a detailed analysis of Lyon's accounts, Michelle Con and other shareholders were angry at Lyon's lack of financial control and decided that it would not be enough to just remove Tector from the French club's daily operations. On July 17, France even took action to remove the American businessman from the management of all clubs under the holding company, including Botavgo and Belgian club Molenbeck.

Ares Management Company wrote a letter to John Tuctor asking whether the American businessman would buy back the shares of Botafogo. The company provided a large portion of the funds for Eagles Football Holdings' acquisition of Lyon (estimated to be about €400 million), and in exchange, Tuctor was entitled to the company's payment or profit.

If Tector's debt is not paid back, he can even make a profit through equity.

The document further states that if Tuctor sends a positive signal to Ares, the American businessman will have 30 days to submit a formal acquisition plan, during which he must give up control of the Bottafogo club on the grounds of a "conflict of interest."

Investors' argument is that Tector has a conflict of interest. However, Ares' proposal was rejected by club chairman Joao Paulo Magarice Lins and other John Tuctor's allies within the club. The directors said that any change in Botafogo's leadership would require authorization from the company's minority shareholder, who is the club's social shareholder.

While negotiating Botafogo's "buyback", Tector also faces a legal dispute with IconicSports. IconicSports is an investment fund that has helped the American businessman raise funds to acquire Lyon Football Club in 2022. In early July, the company filed a lawsuit in the UK to transfer their shares in Eagle Holdings.

Tector raised $75 million with the help of IconicSports and mortgaged shares in Botafogo and Molenbeck.

Now, IconicSports asks Tector to buy back his shares for $94 million (plus interest). The case will be heard in British court in the coming weeks.

Meanwhile, the Rio de Janeiro Third Company Court yesterday ordered the seizure of Eagle Holdings in Bottafogo and temporarily freeze any changes in the club's control.

According to Lauro Jardim, this is because Botavgo is chasing debts. They are pursuing a 23 million euro (BRL152 million) overdue debt, accounting for half of the estimated 150 million euros total debt.

(Note: Bettafogo provided Lyon with a loan of 22 million euros (143 million reais) between March and May 2024. The loan expires one year after the contract is signed, with an annual interest rate of 6%.

can only say that Tector's affairs are too complicated, each version is different, and what he said is even more different.)