STATEMENT: Call for Oversight

June 23, 2026

Eagle Football Holdings

A Call for Independent Oversight and Accountability at Eagle Football Group

To the Board of Directors of Eagle Football Group:

I would respectfully call your attention to the company’s disturbing practice of using official press releases of a publicly listed company in service of Ms. Kang’s obvious and relentless attempt to smear my reputation in service of her personal interests. Multiple prior press releases contained seriously inaccurate remarks intended to damage my reputation within the football industry.

Since July 2025, Ms. Kang has been repeating her past malicious business practice of announcing ‘internal investigations’ through leaks and press releases to weaken a business opponent, in service of her personal ambitions of control. It seems obvious that she used the same strategy to take control of the Washington Spirit, and she has thus far quite successfully employed such strategy with Olympique Lyonnais.

Some of you are new to the board, and some are not, but please know this smear campaign started almost immediately after I resigned, in what I thought was an amicable hand-over to a business partner. Just days after an amicable resignation, where I worked to introduce Michele to key relationships of OL, I began to see news stories that I was being investigated by Ms. Kang’s team (my former team) for ‘financial irregularities’. I couldn’t get an explanation for such absurd stories, because our team of leading Eagle executives, with whom I always maintained terrific relations, confirmed to me that Ms. Kang forbade them from communicating with me. I was the largest shareholder of the total organization, by far, but I was completely frozen-out, in all respects, and unable to obtain any information about my majority-owned business, or even help my business, as every friendly relationship that I had either hired, or developed, was apparently intimidated from speaking to me.

Of course, this is all by design, as we would finally learn, thanks to independent directors, who would expose the secret side agreement, the shadow board of directors, and the relentless advocacy and plan of Ms. Kang to reclassify accounts, force Eagle Bidco into administration, and wrongfully take-over Olympique Lyonnais, in violent disregard for the rights of the shareholders of Eagle Football Holdings Limited, to whom she owed a duty of loyalty.

You are well aware of the criminal complaint filed against Michele Kang, on April 17, alleging charges of private corruption, abuse of powers and dissemination of false information. I remain surprised and concerned that the independent directors have still not accepted my invitation to have counsel review the details of the criminal complaint with my attorney, Mr. Julien Visconti. Instead of performing your duties as directors, to examine clear violations of law by your CEO, you have chosen to endorse Ms. Kang in the public issuance of an inaccurate press release and the filing of a retaliatory criminal complaint, in an obvious attempt to put pressure on her accuser.

Refuting the repeated accusation of a lack of transparency, it should be emphasized that I have demonstrated complete transparency in my efforts to help EFG/OL understand the intra-group cash flows and player transfers that enabled Olympique Lyonnais to recover from a situation where it was on the brink of relegation and to re-establish itself in UEFA’s prestigious European competitions. I have repeatedly and aggressively (in writing) tried to persuade Ms. Kang to allow our finance employees, who once worked so well together, from France to Brazil to the U.S., to reconcile and validate every intercompany transaction. It is almost certain that Ms. Kang strictly and inappropriately forbade members of management from maintaining a relationship with me (as ultimate majority shareholder) and key staff at Eagle Holdco who were responsible for executing intercompany transactions. It plays into Michele Kang’s strategy that EFG/OL still struggles to understand its own numbers.
Regarding the validity of the transactions that Ms. Kang wishes to reject, every independent financial and consulting resource which has examined the intercompany transactions (including Mr. Welch, Mr. LeFort and Alvarez & Marsal) has agreed there is not a single ‘irregular’ transaction that has created a liability for EFG/OL that exceeds the value of either the cash or a player delivered to OL. I understand the motivation for EFG/OL to reduce its liabilities, but the board’s strategy to reject valid liabilities as ‘phantom transfers’, ‘opaque transactions’, with the filing of a criminal complaint, is just pointless.
Regarding management responsibility and accountability, it is also true that our system of player migration and intercompany receivables financing was not a creation of the former management team that you have consistently maligned, but was rather developed under the guidance of your current CEO, Mr. Micheal Gerlinger, who described and defended this financial and sporting model in the attached memos. I would, of course, ask how the board decided to target and defame ‘former management’ for a system so clearly advocated by your existing CEO. It seems that you are simply accepting Kang’s presentation at face value.

As we move forward, please also consider the liability of EFG/OL in the continuance of a personally targeted smear campaign. I do not intend to allow this to continue, especially now that a sham investigation has resulted in the filing of a criminal complaint. You, the board, have endorsed numerous defamatory press releases, clearly blaming all financial difficulties on ‘legacy’ management and a single individual (me), while crediting all turn-around improvements, expense reductions and moves toward profitability having been miraculously and immediately delivered under the direction of Ms. Kang. This could not be more removed from the truth. Substantially all of the expense reductions and player-wage reductions were delivered prior to my departure on June 29, as is clear in our June 2025 DNCG presentation. There is simply no justification for nearly every press release to slander ‘Textor’ while promoting Kang.

It seems necessary to remind you of your duty of loyalty to the company, a duty based on objectivity and intended as a means of holding management to account, rather than as a channel for its communications.

Finally, it simply cannot be believed that an external law firm, which made no effort to engage with the parties responsible for the transactions, could have possibly delivered a reliable ‘internal investigation’ of the financial transactions. One only needs to point to their conclusory remarks to know they are not qualified, either in football or finance, to stand in judgment of our financing strategy:

“…there was a deliberate disorganization of the company’s operations, coupled with systematic opacity in financial management. The report also singles out hundreds of millions of euros in financial flows seemingly executed without economic justification, moreover in times of acute cash-flow crises”

Compare this conclusion to the words of your current CEO, Mr. Michael Gerlinger, where he states clearly:

“[Eagle’s approach follows] a similar pathway of a player within a multi-club-network, which is a common practice of such networks within the regulatory framework of FIFA, extensively used by the longstanding networks such as Red Bull Global Soccer with Red Bull Leipzig, Red Bull Salzburg and others, and City Football Group with Manchester City FC, FC Girona and others, but also by numerous newcomers in the market such as Red&Gold Football of Bayern Munich and LAFC….”

“The board of Eagle decided on a cash pooling between the Eagle clubs, which again is a normal practice within a network and completely legal.”

“…and again as it is common practice of most of the football clubs in general, the selling club, Botafogo SAF will factor the receivables of that transaction, creating cash at this club. Within the multi-club-network, this creates the following process: the selling club returns cash to the holding company, it might have used for acquiring the player in the first transfer or other transaction. Due to minority interests, this will always be observed by the fiscal council. In compliance with the cash pooling decision, the holding company can deploy this cash to the clubs that have a cash need, whether seasonal or absolute. For this reason, the holding is now perfectly able and legally allowed to deploy that cash to OL, in order to address the cash need at OL.”

“On the group transfers, I made the memo, which explains that those transfers are perfectly in line with the FIFA law and create cash.”

Comparing the conclusion of the external law firm, which firmly states that the transactions had no “economic justification” and provided no support for “acute cash crises”, with the starkly contrasting beliefs of Mr. Gerlinger, one of the foremost experts on the law and business of football, it can only be said that the board is grossly negligent in allowing Ms. Kang to pursue her personal interests without supervision.

The board should immediately reconsider the unwavering loyalty it has shown toward Ms. Kang, especially to the extent that she uses the Board and the Company to settle personal vendettas.

Sincerely,

John Textor