William P. Foley, II, Cannae Holdings, Inc. and other third-party investors intend to invest in John Textor’s Eagle Football
LAS VEGAS–(BUSINESS WIRE)–Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) has signed a non-binding letter of intent to invest in Eagle Football Holdings LLC of John Textor (“Eagle Football” or “ Eagle”). Cannae, his legendary investor William P. Foley, II (“Foley”) and other third party investors each intend to make an investment in Eagle Football in a form to be negotiated by all parties and subject to final documentation . The investment will be used to acquire football clubs and to establish Eagle as one of the world’s leading multi-club owners and operators of football clubs and is announced as part of Eagle Football’s proposed acquisition of a majority of the capital of Olympique Lyonnais Groupe SA (“Olympique Lyonnais”).
Eagle Football plans to own, operate and invest in top European and global football clubs. Eagle Football plans to use a multi-club ownership model which will include stakes in teams currently owned by John Textor, including teams from the English Premier League, Brazilian Serie A and Belgian First Division 1B. Eagle Football will seek to opportunistically acquire additional assets to create an unprecedented combination of top-flight clubs that can work together to succeed on and off the pitch to deliver strong returns on investment. Eagle Football clubs are expected to be strategically positioned in football’s most attractive regions and will offer unique monetization opportunities across associated teams, brands and technology.
William P. Foley, II, President of Cannae and Owner of the Vegas Golden Knights (NHL), Henderson Silver Knights (AHL) and Vegas Knight Hawks (IHL), said, “We have spent a lot of time analyzing professional football in Europe and are delighted to announce that we intend to invest with John Textor in Eagle Football. John has a unique vision of a multi-club football model and has already gathered unique assets to contribute to Eagle Football with the ability to buy other attractive teams. John also has a differentiated view of how to monetize these assets to generate strong returns and we are delighted to have the opportunity to work with him.
John Textor, Executive Chairman of Eagle Football, added: “Bill is a great partner with a long track record of success and experience building and managing businesses. Bill also has considerable experience developing professional sports franchises, given his work in building and growing the Vegas Golden Knights NHL hockey team and bringing professional sports to Las Vegas. . He will be instrumental in helping our management team further develop our model as we look at new opportunities, including Olympique Lyonnais, as well as grow the teams and ancillary revenue streams to monetize our unique assets. and create value for our shareholders.
Eagle Football Highlights
Eagle Football is a leading club owner and operator of the world’s most popular sport with an anticipated multi-club ownership model focused on historic top-flight clubs in key markets with committed fanbases at the global scale.
An anticipated 40% stake in Crystal Palace Football Club (“Crystal Palace”) based in London, England, which competes in the English Premier League, the top tier of English football. Founded in 1861, Crystal Palace is the oldest existing club in the league still playing professional football and is a founding member of the Football Association and the FA Cup.
Anticipated 90% stake in Botafogo de Futebol e Regatas (“Botafogo”) based in Rio de Janeiro, Brazil. Botafogo competes in the Campeonato Brasileiro Série A, the highest division of the Brazilian football league system. Botafogo boasts an unparalleled location, rich history and millions of supporters and holds the record for the most Brazilian players assigned to the Brazil national team for the World Cup.
Anticipated 80% stake in Racing White Daring Molenbeek (“RWD Molenbeek”) based in Brussels, Belgium. RWD Molenbeek play in the Belgian First Division B, the second highest division in the Belgian football league system.
Early acquisition of a majority stake in Olympique Lyonnais.
With this planned integrated portfolio of powerful teams and brands, Eagle will leverage the technology and media expertise of its leaders to disrupt the industry status quo and increase the value of its teams and loyal audience.
On June 20, 2022, Eagle Football entered into exclusive negotiations to acquire a majority stake in Olympique Lyonnais, which owns and manages Olympique Lyonnaise (the “Club OL”) and Groupama Stadium, and which would further consolidate Eagle Football as as prime minister. multi-club football operator worldwide. In this context, Cannae provided a debt commitment letter to Mr. Textor pursuant to which Cannae undertook to provide Mr. Textor with a credit facility of up to a maximum principal amount of €523,000,000 in the in connection with Eagle Football’s planned acquisition of stakes in Olympique Lyonnais. Part or all of the credit facility may be converted into shares of Eagle Football on terms to be agreed. If the credit facility is funded, which is expected to occur upon the closing of the Olympique Lyonnais transaction in the second half of 2022, Cannae expects to syndicate a substantial majority of its commitment to third-party investors and has received signs of interest in this matter. effect.
OL Club plays in Ligue 1, the highest French football division. OL Club have won seven Ligue 1 titles since 2000 and in 2020 OL Club reached the semi-finals of the UEFA Champions League, Europe’s most prestigious club competition. Olympique Lyonnais is also a pioneer in women’s football, having founded its women’s section in 2004 and played an active role in the development and promotion of women’s sport and in 2022 won the UEFA Woman’s Champions League title. OL Club’s men’s and women’s teams have won 56 trophies. OL Club’s new stadium, Groupama Stadium, opened in 2016 and serves as a multipurpose venue, hosting international sporting events as well as major concerts and shows.
There can be no assurance that Eagle Football’s purchase of Olympique Lyonnais will be consummated or that amounts under the Credit Facility will be funded or syndicated.
Completion of the investment in Eagle Football is conditional, non-binding and subject to negotiation, entry into definitive documentation and completion in all respects and involves uncertainty if the terms cannot be successfully negotiated. There can be no assurance that any such transactions will be entered into or completed or that any investment in Eagle Football will be made.
About Cannes Holdings, Inc.
We primarily acquire interests in operating companies and are engaged in the active management and operation of a core group of such companies. We are a long-term owner who secures the control and governance rights of other companies primarily to engage in their lines of business and we have no predefined time constraints dictating when we sell or divest our businesses. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of these companies for our shareholders. Cannae’s current major holdings include Dun & Bradstreet Holdings, Inc. (NYSE: DNB), in which Cannae owns 88 million shares or a 20% stake. Cannae’s second largest holding is Ceridian (NYSE: CDAY), in which Cannae owns 8 million shares representing a 5% stake. Cannae owns 60 million shares, or 8% of Paysafe (NYSE: PSFE), as well as 8.1 million Warrants and Paysafe Units. Cannae also owns 52.5 million shares, or 10%, of Alight, Inc. (NYSE: ALIT) and 27 million shares, or 24%, of System1, Inc. (NYSE: SST). Cannae’s other major holdings include Sightline Payments, of which Cannae owns 33%.
About Eagle Football Holdings LLC
Eagle Football Holdings LLC is a Delaware holding company, formed and managed by Mr. John Textor, as the holding company for Mr. Textor and Mr. Jamie Salter’s interests in the world’s top football clubs. Eagle Football Holdings’ current pro forma holdings include a 40% stake in Crystal Palace Football Club (London, England), which plays in the English Premier League, the top division of English professional football, a 90% stake in Botafogo de Futebol e Regatas (Rio de Janeiro, Brazil), which plays in the Campeonato Brasileiro Série A, the top division of Brazilian professional football, and an 80% stake in Racing White Daring Molenbeek (Brussels, Belgium), which plays in the Belgium 1B Pro League division, the second division of Belgian professional football.
Forward-looking statements and risk factors
This document contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future, are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by management and information currently available to it. Because these statements are based on expectations about future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: changes in general economic, business and political conditions, changes in financial markets and changes in conditions resulting from the outbreak of a pandemic, such as as the novel COVID-19 (“COVID-19”); the overall impact of the COVID-19 outbreak and measures to curb its spread, including the effect of governmental or voluntary mitigation measures such as business closures, social distancing and restraining orders home ; our potential inability to find suitable acquisition candidates, acquisitions in industries that will not necessarily be limited to our traditional areas of focus or difficulties in integrating acquisitions; the significant competition that our operating subsidiaries face; compliance with extensive government regulations of our operating subsidiaries; risks associated with our spin-off from Fidelity National Financial, Inc., including limitations on our strategic and operational flexibility related to the tax-exempt nature of the spin-off and the Investment Company Act of 1940; risks and uncertainties related to the success of our outsourcing.
This document should be read in conjunction with the risks detailed in the “Statement Regarding Forward-Looking Information”, “Risk Factors” and other sections of the Company’s Form 10-Q, 10-K and other documents filed with the Securities and Exchange Commission.