The Albany Gazette - American Michele Kang agrees deal to buy French club Lyon

EFG said the planned operation provides for the purchase of all shares held by their holding company Eagle Bidco -- 87.78 percent of the capital for $30 million (26.3 million euros).

Kang, current CEO of Eagle Football Group, also undertakes to provide "up to 71 million euros of new money to the OL group," and "has personally committed to repaying the debt owed to Eagle Bidco's main lenders" said a statement on the club's website.

A press release from EFG refers to "approximately 232.6 million euros of subordinated debt".

"It is with a great sense of responsibility and immense honour that I am joining today in this process of taking over Olympique Lyonnais," Kang said in a statement on the club's website.

"We have managed to regain everyone's trust, while laying the foundations for the reconstruction of OL."

The club said Kang would take it out of EFG. It would become "OL Group".

The offer remains subject to authorisation from the French Financial Markets Authority, and the completion of the deal is conditional on the club, which was almost relegated last July for breaching financial rules, keeping its Ligue 1 status for the coming season.

"The transaction aims at providing new funding and stability to the OL Group amid severe financial difficulties," EFG added.

Kang was already the Lyon men's club president, minority shareholder and owner of the women's side.

Eagle Football Group, was placed under administration in March, effectively removing former Lyon chairman John Textor from its leadership.

Kang, who also owns women's teams Washington Spirit in the United States and London City Lionesses in England, took over as club president from compatriot Textor in June 2025.

Lyon won an appeal against relegation the following month, after initially being demoted to Ligue 2 by French football's financial watchdog.

They had to cut their wage bill and transfer budget for this season.

Textor had taken over as Lyon's majority owner in December 2022 from long-standing boss Jean-Michel Aulas, who had overseen unprecedented success, including seven straight Ligue 1 titles to 2008.

Under Kang, Lyon improved to fourth in the top flight last season to reach the Champions League qualifying rounds.

Textor sold a minority stake in Crystal Palace last July but still owns Belgian club RWDM Brussels and Brazilian side Botafogo through EFG.

(T.Brown--TAG)