An arbitration court in Brazil has removed US businessman John Textor from managing Botafogo football team, which he owns, the Brazilian club announced Friday.
The decision was made as a result of an ongoing financial dispute involving Eagle Football Holdings Bidco, the club’s majority shareholder.
Textor was removed from all operational roles within Eagle Bidco at the end of January. The Eagle group also owns French football club Olympique Lyonnais and Belgian side Molenbeek.
The latest development saw the “temporary removal” of Textor from running the club, which said in a statement it will take “all appropriate measures to seek a review of the decision.”
His departure from the club will be reviewed at a meeting on April 29.
“I am at peace tonight, as I know our project together will continue,” Textor said in an Instagram comment Friday under a Botafogo post.
Botafogo won the Copa Libertadores and Brazilian league title in 2024 but have run into financial difficulties.
Earlier this month it had filed lawsuits against Lyon to recover unpaid debts from the French club.
“Botafogo filed lawsuits against Olympique Lyonnais in court due to debts exceeding 745 million reais,” or $148 million, the Brazilian club wrote in a statement.
The club was banned by FIFA from signing players in December for a debt relating to the signing of Argentina international Thiago Almada from MLS side Atlanta United. The ban was lifted in February after the clubs reached a settlement.
