July 1 – Michelle Kang has taken over at troubled French club Olympique Lyonnais, which under the ownership of John Textor has been relegated to Ligue 2 on a provisional basis by domestic financial watchdog the DNCG over financial irregularities.
The club announced the news on Monday. Textor has stepped down with the American businesswoman taking over as the president of the seven-time French champions. South-Korea-born Kang has served on Lyon’s board of directors since 2023 and is the majority owner of Lyon’s women’s team.
The move comes after the DNCG confirmed OL’s provisional relegation to Ligue 2 following an audit of its finances with the club’s current debt estimated at €175 million. OL sold a series of players while Textor also sold his stake in Crystal Palace to Jets owner Woody Johnson, but the DNCG was not satisfied.
Textor’s Palace stake has led to fears the English club will not be allowed to compete in the Europa League due to OL’s qualification, and while UEFA was expected to clarity the complicated situation, a decision has now been delayed until the French side’s future is cleared up – however in a statement, UEFA noted that OL had agreed to forgo their European spot if their relegation was confirmed.
It’s yet to be seen what Textor’s departure may mean for both Palace and Olympique Lyonnais, who will have to get use to life under a new figurehead.
Kang has invested heavily in women’s football and has a majority stake in the Washington Spirit and London City Lionesses. A venture capitalist, she has donated money to US Soccer and sits on the FIFA Foundation.
In a statement, Olympique Lyonnais said: “She will play an active role in support of Lyon’s executive board, notably in the appeals procedure against the DNCG.
“John Textor has relinquished his director’s role… including his board position.”
Three years ago, Textor became OL President, succeeding Jean-Michel Aulas, who sold the club to Textor’s Eagle Football Holdings, which made the purchase backed by private equity firm Ares. Textor called Kang “the ideal choice” to lead OL, while Kang said that the club is “entering a critical period.”
While Kang has become chairwoman, the shareholding structure at Lyon remains unchanged.
European governing body Contact the writer of this story, Samindra Kunti, at moc.l1751378186labto1751378186ofdlr1751378186owedi1751378186sni@i1751378186tnuk.1751378186ardni1751378186mas1751378186