The Guardian reports that former Lyon and Crystal Palace owner John Texter has been frustrated in a debt claim of up to 72 million pounds.
The British Commercial Court recently ruled that Texter had a defensible case in the case and made a judgment in favor of the plaintiff on a preliminary issue.
This lawsuit was initiated by the investment company Iconic Sport. The company invested US$75 million in Textor's multi-club group "Eagle Football" three years ago. The two parties agreed that if the group failed to go public, Textor would repurchase the shares at a price of principal plus 11% annual interest.
Iconic Sport alleges that Texter failed to fulfill this contractual obligation. Texter argued that the other party failed to provide the legal documents needed to complete the transaction and said it would appeal the preliminary ruling.
In recent months, Texter's business activities have been quite unsatisfactory. He sold his entire shareholding in the club in July after watching Crystal Palace win the FA Cup in May this year. The French Ligue 1 club Lyon, which he controls, was once relegated due to financial problems.
In addition, his plan to acquire Sheffield Wednesday also stalled because he failed to meet the other party's asking price. The plaintiff, Iconic Sport, even questioned in court whether Textor had enough funds to repay this potentially huge debt.