The billionaire football investor John Textor, former owner of Crystal Palace FC, has told a London court that he is not required to pay $93.6 million to buy out Iconic Sports Eagle Investment LLC’s stake in his football ownership vehicle. Textor argues the investor failed to hand over essential paperwork needed to complete the deal.
In his Aug. 21 defense filing with the High Court, Textor rejected claims he breached an option agreement by refusing to acquire Iconic’s shares in Eagle Football Holdings Ltd., the umbrella that owns clubs including Olympique Lyonnais in France, Botafogo in Brazil, and academies in Brussels and Florida.
Missing Documents at the Heart of the Clash
According to Textor’s defense, Iconic never delivered the required documents, such as a stock transfer form, share certificate, and power of attorney. Without those, he insists, the $93 million obligation never matured.
“Iconic failed to provide the specified documents prior to or on the repayment date,” his filing stated. “It follows that Mr. Textor was not under an obligation to make payment on the repayment date and that Iconic is therefore not entitled to specific performance.”
Iconic disputes this, telling the court in its July claim that Textor flatly refused to honor the agreement. The clause in question was triggered after Iconic’s plan to take Eagle Football public through a de-SPAC merger collapsed in late 2022.
