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.

Parallel Legal Firestorm in Florida

The London showdown is not Textor’s only legal battlefield. He has also launched a lawsuit in Florida federal court, accusing Iconic and its billionaire backers James G. Dinan and Alexander Knaster of deceiving him about their ability to secure financing for the de-SPAC deal.

Textor contends the investors lured him into granting them the right to force a buyout, all while knowing financing hurdles loomed, particularly given Knaster’s ties to Russian associates who later faced sanctions.

Legal Teams Locked In

Iconic is represented by Ryan Perkins of South Square, instructed by Richard Boynton of Kirkland & Ellis LLP. Counsel for Textor was not immediately available for comment.

The High Court has ordered a trial of preliminary issues to determine the true construction of the option agreement — a decision that could dictate the fate of a $93 million showdown at the heart of global football ownership.