April 14, 2024

OL, the huge debt admitted

OL is not only struggling in sporting terms, but also in financial terms. Speaking on the club’s Youtube channel on Wednesday, executive chairman Santiago Cucci admitted that Les Gones had racked up a staggering debt, but was reassuringly confident about the prospects for the Rhone outfit.

We’re 300 million euros in debt, says John Textor’s right-hand man. We’re in the pr…

OL is not only struggling in sporting terms, but also in financial terms. Speaking on the club’s Youtube channel on Wednesday, executive chairman Santiago Cucci admitted that Les Gones had racked up a staggering debt, but was reassuringly confident about the prospects for the Rhone outfit.

We’re 300 million euros in debt, says John Textor’s right-hand man. We’re in the process of restructuring it. But how? By finding new financial partners to negotiate the best possible interest rates on the said debt. The project is very solid. We’re rated BBB+ by an independent agency, a very, very good rating for the size of our business. Normally, we’re BB, but here we’re BBB+. The world leader in financial ratings gives us one of the best ratings in terms of financial solidity, which means that we can restructure our debt, insists Santiago Cucci, who says he is shocked that we’ve been given a BBB+ rating. tries to make it look like John (Textor) doesn’t have any money. He has the money, the project is solid!

The Arena sacrificed

While he admits that one partner has an exit option (the company Iconic, which invested 75 million euros in the OL buyout last winter, editor’s note), the Lyon executive assures us that this has no impact on the management of the club. Two levers should be activated shortly to give Lyon more breathing space: We’re in the process of selling our stake in OL Reign, which takes time. We’re making progress on the complete separation of the women’s section and a transfer to Michele Kang. All this will happen before the end of the year, so we’re on schedule, Santiago Cucci promises.

And he adds: We’ve invested around 140 million euros in the Arena (the concert, show and other events venue built in D├ęcines on the outskirts of Groupama Stadium, editor’s note). My question is pose: Should a soccer club finance a theater? I love culture and I’m the first to be delighted that we have this. But the truth is out there. Do I sell to recuperate the money and reinvest it in the club’s interest and to strengthen OL in the long term? There’s nothing set in stone today. Like all assets put up for sale, we’ll see who wants to buy, who’s solid enough to buy.