• Loading stock data...
Saturday, August 30, 2025
The biggest names in sports media. All in one room. Get your ticket now!

John Textor Sues Investors After They Sue Him Over Failed $1B Soccer Merger

The investors allege Textor is trying to dodge a nearly $94 million payment.

Jun 19, 2025; Pasadena, California, USA; Botafogo owner John Textor reacts after a group stage match of the 2025 FIFA Club World Cup against Paris Saint-Germain at Rose Bowl Stadium.
Kirby Lee-Imagn Images

John Textor claims two investors with dubious ties to Russian oligarchs bamboozled him into signing a complicated financing deal that was meant to take his soccer empire public, while the investors allege Textor is trying to dodge a nearly $94 million payment.

Textor sued James Dinan and Alexander Knaster, and their company Iconic Sports Eagle Investment LLC, in a Florida federal lawsuit filed July 4. Dinan is the founder of hedge fund York Capital Management and part-owner of the NBA’s Bucks, while Knaster owns investment firm Pamplona Capital Management. 

Textor’s suit claims he was defrauded by way of a complex financing arrangement tied to an ill-fated go-public deal for Eagle Football Holdings Limited—the holding company that owns his stakes in several soccer clubs, including Olympique Lyonnais in France and Daring Brussels in Belgium. According to Textor, the deal was destined to fail because Knaster—and another investor in Iconic—had “close financial ties with Russian individuals and assets that were the subject of international sanctions.”

However, his suit was filed after Iconic sued Textor in the U.K. on July 3, alleging that Textor has failed to pay up under a put option that was tied to a special purpose acquisition company (or SPAC) merger meant to take Eagle Football public at a $1.2 billion valuation

Under the put option—which could be triggered if the SPAC merger was not completed by a certain date—Iconic paid £1 for the right to compel Textor to buy back its $75 million stake in Eagle Football for that cost, plus 11% annual interest. As of today, the total cost when including interest is a little under $94 million, according to Iconic’s suit.

Textor says he agreed to the put option under those terms because he was convinced the deal was a sure thing, but later found out that the investors knew the transaction—which officially died in September 2023—was doomed from the start due to their undisclosed ties to sanctioned Russian oligarchs. Textor claims the defendants misrepresented their ability to obtain financing for the transaction because the Russian ties meant major banks would not work with them. 

According to Textor’s suit, Knaster’s London-based firm Pamplona received “significant funding prior to 2022” from individuals who had been hit with sanctions by the U.S., U.K., and European Union. Those individuals are Mikhail Fridman, Petr Aven, German Khan, and Alexey Kuzmichev, all of whom are associated with Russia’s Alfa Bank, as well as investment firm LetterOne Holdings. The suit says Pamplona received funding from those people through LetterOne.

There are reports from the summer of 2022 about Knaster’s ties to those sanctioned Russians. Russia invaded Ukraine in February 2022, and Textor first went into business with Iconic Sports that November.

Had he known about the connections to sanctioned Russian individuals ahead of time, Textor “would not have sold the put option for such a low price or with such a high interest rate,” the complaint says.

Iconic’s suit—which is not public but was obtained by Front Office Sports—tells a different story; it says it has been trying to get Textor to pay the money he owes under the put option for years, to no avail. Iconic says it informed Textor in July 2023 that it was exercising the put option, but that he didn’t respond, and so it continued sending letters demanding that he honor the agreement. Eventually, Textor requested a meeting, which was held in July 2024. During that meeting, Textor “stated (amongst other things) that he had no ability or intention to pay the sums required under the Put Option Agreement,” Iconic’s suit claims.

A spokesperson for Iconic said in an emailed statement that Textor’s suit represents “an attempt to delay and frustrate ongoing legal proceedings and the recovery” of the debt obligation, and that “John Textor now appears to be resorting to fictional and easily disprovable claims against Iconic Sports and its directors.”

“Iconic Sports is simply seeking to enforce its contractual rights, a process initiated in 2023, and will continue to pursue its lawful claims in the appropriate venues,” the statement said.

Textor is still trying to take Eagle Football public; last month, the company made a confidential IPO filing with the U.S. Securities and Exchange Commission.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Ohio State Buckeyes wide receiver Jeremiah Smith (4) celebrates with offensive lineman Donovan Jackson (74) after a touchdown catch against Notre Dame Fighting Irish in the first quarter during the College Football Playoff National Championship at Mercedes-Benz Stadium in Atlanta on January 20, 2025.

The Most Expensive Roster Year in College Football History

The House settlement created revenue-sharing—and a big NIL loophole.
Dallas Wings

WNBA Teams Desperate to Expand Rosters Amid ‘Extreme Hardship’ 

The Wings are scrambling to field eight players Friday night.
Jason Kelce
exclusive

YouTube Approached Jason Kelce for Chiefs Game, ESPN Said No

ESPN continues to enforce its policy of not lending talents to streamers.
Ohio State mascot Brutus interacts with Lee Corso on the set of ESPN College GameDay prior to the College Football Playoff first round game between the Ohio State Buckeyes and Tennessee Volunteers in Columbus on Dec. 21, 2024.

End of an Era: Lee Corso Makes His Final ‘College GameDay’ Appearance

After 431 iconic headgear picks, the iconic coach bids farewell.

Featured Today

‘You’re Going to Get Beat Up’: The Liberty’s All-Male Practice Squad

A select group suits up weekly to take on the defending champs.
August 24, 2025

The Honey Deuce Effect: How Tennis Perfected the Signature Cocktail

Sold every 1.5 seconds, they total more than $12 million in sales.
Dec 21, 2024; Austin, Texas, USA; Texas Longhorns quarterback Arch Manning (16) warms up as the Texas Longhorns prepare to play the Clemson Tigers in the first round of the College Football Playoffs at Darrell K Royal Texas Memorial Stadium.
August 23, 2025

Schools Are Hesitant to Allow PE Into Their Athletic Departments

Regardless of budget, schools don’t believe the risk is worth the reward.
Oct 2, 2024; Rosemont, IL, USA; Big Ten commissioner Tony Petitti speaks with the media during the 2024 Big Ten Women’s Basketball media day at Donald E. Stephens Convention Center.
August 22, 2025

‘Not Ready to Jump In’: Power 4 Commissioners Aren’t Sold on PE

Top leaders in college sports have yet to see a satisfactory proposal.
Puma headquarters in Herzogenaurach, Germany

Puma Up for Grabs As Largest Shareholder Considers Exit

Reports say the company could be up for sale. Experts aren’t surprised.
Donald Trump Jr
August 26, 2025

Kalshi Advisor Donald Trump Jr. Joins Rival Polymarket Board

Polymarket appears to be on the verge of returning to the U.S.
Mark Cuban
August 27, 2025

Mark Cuban Wishes He Had Put Mavs on Open Market

Cuban also thinks private equity has shifted the NBA’s priorities. 
Sponsored

Gareth Bale on MLS vs EPL, Retirement & Buying Cardiff City

Gareth Bale shares his post-soccer business playbook.
Veronica Burton
August 26, 2025

Dildo Markets, Diaper Bidens: Polymarket, Kalshi Push Limits of Hawking Prediction Markets

The companies don’t face the same regulatory risk as traditional sportsbooks.
Mo Vaughn
August 22, 2025

How Michael Bloomberg Jump-Started Mo Vaughn’s Business Career

The Red Sox legend had a sprawling housing empire before starting a podcast.
Apr 13, 2025; Pittsburgh, Pennsylvania, USA; Pittsburgh Penguins right wing Rickard Rakell (67) and center Sidney Crosby (87) and center Evgeni Malkin (71) talk before a face-off against the Boston Bruins during the third period at PPG Paints Arena.
August 19, 2025

Fenway Sports Weighs Penguins Options Amid ‘Serious’ Suitor

FSG previously said it was exploring the sale of a minority stake.
Dundon
August 13, 2025

Hurricanes Owner Tom Dundon Has Deal to Buy Trail Blazers

The team was put up for sale in May.