"Today's decision from the UK Commercial Court confirms unequivocally that John Textor knowingly violated contractual commitments and owes Iconic Sports approximately $97m excluding legal costs. Iconic intends to recover the funds that are rightfully owed, and will pursue all options, in any jurisdiction, to do so."
"While this is a preliminary hearing, I am disappointed with the decision not to end this lawsuit at the outset. I intend to appeal."
A UK commercial court determined John Textor has a case to answer in a $97m claim by Iconic Sport over a 15.7% stake purchase in Eagle Football. Iconic paid $75m three years earlier for the stake in Eagle, which controls majority interests in Lyon, Botafogo and RWD Brussels. Iconic alleges a contract required Textor to buy back the stake if Eagle was not floated, plus 11% annual interest. Textor filed a countersuit in Florida claiming he was duped, but the Florida court dismissed it and directed the dispute to the UK. Textor contends Iconic failed to provide required transfer paperwork and intends to appeal the UK decision.
Read at www.theguardian.com
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