Lyon president Michele Kang becomes club's majority shareholder in $30 million purchase

[p]Kang, who has run [a href="https://www.flashscore.ca/team/lyon/2akflumR/"]Lyon[/a] for the past year, has acquired 87.78 percent of the club's share capital for a price of $30 million, the group said in a statement.[/p][p]The purchased stake represents all of EFG's shares held by Eagle Bidco - the holding company which is under judicial administration.[/p][p][b]"It is with immense pride and great honour that I announce the successful closing of the deal,"[/b] Kang told reporters at a press conference at the club's headquarters, adding that they had received approval after French football's financial regulator had confirmed that Lyon would remain in the top flight.[/p][p]The 67-year-old, who already owns Lyon's women's team, had been interviewed on Tuesday by the regulator body and had presented her takeover plan to them.[/p][p]As EFG had already indicated, "an initial tranche of a shareholder loan of 31 million euros ($35.3m) has been made available to the OL Group," the statement said, "with a commitment of up to 71 million euros over the next two seasons".[/p][p][b]The deal also includes "the full release of the intercompany debt owed by the OL Group to Eagle affiliates, resulting in the write-off of more than 230 million euros," Kang said.[/b][/p][p]Kang was already the Lyon men's club president and had previously been a minority shareholder.[/p][p]Eagle Football Group was placed under administration in March, effectively removing former Lyon chairman John Textor from its leadership.[/p][p]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.[/p][p]Lyon won an appeal against relegation the following month, after initially being demoted to Ligue 2 by French football's financial watchdog, but they had to cut their wage bill and transfer budget for this season.[/p][p]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 from 2002 to 2008.[/p][p]Under Kang, Lyon improved to fourth in the top flight last season to reach the Champions League qualifying rounds.[/p][p]Textor sold a minority stake in [a href="https://www.flashscore.ca/team/crystal-palace/AovF1Mia/"]Crystal Palace[/a] last July but still owns Belgian club RWDM Brussels and Brazilian side Botafogo through EFG.[/p]