“Rogue Banker” or Smokescreen?
When Textor confronted Iconic Sports about the UBS red flag, he says he was told by their rep that he had spoken to a “rogue banker” and that the merger had already been “pre-approved.”
That illusion crumbled in April 2023, when the SPAC option wasn’t exercised. By July, Iconic Sports Eagle Investment triggered the put option, demanding Textor buy back their shares—an obligation he refused to fulfill.
Now, the investment group claims the right to strip Textor of control over Eagle, seizing his shares under terms he argues were based on fraudulent misrepresentations from the outset.
Control, Chaos, and Sanctions
Textor contends that the agreement unfairly allows Iconic Sports to force liquidation or third-party sales of his own Eagle holdings if he fails to repay the $75 million. Meanwhile, he says, sanctioned affiliations made the entire SPAC deal a nonstarter, a fact the defendants should have disclosed from the beginning.
“They knew—or should have known—that no merger could occur,” the lawsuit alleges. “And yet, they barreled ahead, cloaking financial quicksand in legalese.”
