Ares Capital Appoints Administrators for UK-Based Football Holding Company

MT Newswires Live

03/28

Ares Capital (ARCC) has appointed Cork Gully as administrators for its investment firm Eagle Football Holdings Bidco to help rescue the football holding company, the advisory firm said Friday.

Cork Gully said it will now act as administrators for Eagle Bidco under English insolvency law, following a series of financial defaults.

"Our immediate priority is to stabilize the company, manage its shareholdings responsibly, and work towards securing the future of the clubs involved," Cork Gully said in a statement.

In a separate Friday statement, Eagle Football Holdings objected to Ares' "unilateral decision" to appoint an administrator for its UK subsidiary, Eagle Bidco.

The administrators have not been appointed over any subsidiary of Eagle Bidco, including any football club, and all the clubs under Eagle Bidco continue to operate as usual, Cork Gully said.

Ares Capital did not immediately respond to MT Newswires' request for comment.

Price: 17.55, Change: -0.37, Percent Change: -2.08

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