Olympique Lyon is moving forward with negotiations to receive 19-year-old Brazilian striker Endrick, on loan from Real Madrid from January 2026. The verbal agreement between the European clubs, with no purchase option and valid until June, seeks to give more minutes to the player, who has played just 14 minutes in the current season under the command of Xabi Alonso. This move reignites the debate about possible player exchanges with Botafogo, despite the financial and administrative differences that distanced the teams in the Eagle Holding multi-club network. The transaction, still pending signature at the end of December, takes place amid Michele Kang’s management at Lyon, which prioritizes budgetary stability.
Endrick prioritizes the French destination to continue and aim for the 2026 World Cup with the Brazilian team. The athlete’s staff is already discussing logistical details, such as accommodation in Lyon.
Botafogo’s board of directors observes the scenario, but remains focused on autonomous negotiations in the global market.
History of movements between Lyon and Botafogo
Eagle Holding, under the initial leadership of John Textor, has promoted regular exchanges of athletes between the clubs since 2023. Full-back Jeffinho transferred from Botafogo to Lyon in July of that year, followed by defender Adryelson in August.
Goalkeeper Lucas Perri followed the opposite path in January 2024, reinforcing the Rio squad. In February 2025, midfielder Thiago Almada moved from Botafogo to the French, totaling four main negotiations.
These operations generated shared revenues estimated at R$150 million, with a focus on South American talent for the European market.
Lyon administration transition
John Textor acquired majority control of Lyon in June 2022, integrating it into Eagle alongside Botafogo. The strategy aimed to expand, but financial crises led to sanctions from DNCG, Ligue 1’s regulator.
In June 2025, the club faced administrative relegation to Ligue 2, forcing Textor to resign as president. Michele Kang, a South Korean shareholder in Eagle, took office on June 30 and reversed the decision via tax adjustments.
Kang, who also manages the women’s team, has cut spending on hiring and emphasized affordable partnerships. The appointment of Michael Gerlinger as CEO has reinforced the focus on regulatory compliance.
The transition period reduced Lyon’s budget by 25%, limiting investment in transfers.
Economic conflicts in the club network
Botafogo claims outstanding payments from Lyon for loans and assignments from 2023 and 2024, totaling R$50 million. The values include delayed transfers due to the departure of Thiago Almada and contributions during the French instability.
In July 2025, the Rio club initiated legal proceedings in Rio de Janeiro for immediate collection. Lyon disputes the amounts, claiming that they depended on revenue from future resales.
Case documents indicate losses of €20 million for Botafogo in three transfers in 2024. The court froze Eagle’s assets in August, requiring a deposit of R$152 million as a deposit.
This pending legal action impedes collaboration and erodes trust among the holding’s partners.
Recent market movements
Lyon expresses interest in Botafogo athletes for the January window, but without revealing names. The French rule of four foreigners in the squad directs searches to multifunctional profiles, such as defensive midfielders.
Botafogo prefers offers from leagues such as the Premier League and Serie A, with projected returns above €15 million per player. Examples include inquiries by Marlon Freitas, a midfielder with a market value of R$40 million.
Eduardo, a 22-year-old midfielder, attracts Italian surveys valued at R$60 million. This strategy aligns with Textor’s vision of diversifying European destinations.
- Featured players: Marlon Freitas (midfielder, Premier League).
- Eduardo (midfielder, Serie A).
- Budget focus: Negotiations over €10 million.
Paths for future resolutions
The solution to judicial debts, expected for the first quarter of 2026, could open doors for specific exchanges. Textor explores alliances with the group led by Evangelos Marinakis, owner of Nottingham Forest, which brokered R$700 million in transfers in 2024 and 2025.
This network covers Olympiacos and Rio Ave, offering alternative routes to Botafogo. Lyon’s interest in Endrick, although isolated, signals an appetite for Brazilians, but without financial concessions.
Analysts project 40% growth in Botafogo’s export revenue in 2025, regardless of French partnerships. Eagle preserves the Rio club as the central pillar of the structure.