American entrepreneur Michele Kang has assumed the leadership role at Lyon, a prominent French football club, stepping in after John Textor’s departure following the club’s demotion due to financial discrepancies. Kang, originally from South Korea, also holds the majority stake in Lyon’s women’s team, OL Lyonness, and has served on Lyon’s board since 2023.
According to the club’s announcement, Kang will be actively involved in contesting the relegation decision made last Tuesday by the DNCG, the French league’s financial watchdog. A hearing on this matter is anticipated to occur within the upcoming week, which could also influence Crystal Palace’s participation in next season’s Europa League—a competition Lyon also qualified for. Textor, who formerly owned a 43% share in Crystal Palace, plans to sell to New York Jets’ Woody Johnson to comply with UEFA’s ownership rules for club competitions.
Following Textor’s resignation from Lyon’s board—he took over the presidency three years ago from Jean-Michel Aulas, who had led for 35 years—Aulas publicly congratulated Kang, expressing that Lyon deserves ambition, passion, and loyalty. Kang, 66, will be aided by Michael Gerlinger, Eagle Football Holdings’ general manager, a veteran in European football administration.
Lyon’s demotion reflects a broader decline from its former glory days between 2001-08 when it was a dominant force in French football. With an estimated 175 million euros of debt, scrutinized by the DNCG, Lyon faces the consequence of an audit revealing substantial financial instability. Previously, the DNCG issued a provisional demotion to Ligue 2, accompanied by a transfer ban during the winter transfer period.
The decision prompted distress among fans, with calls for John Textor’s resignation coming from prominent supporter groups. Historically successful in European football, reaching the Champions League final five years ago, Lyon narrowly exited the Europa League quarterfinals this season and failed to make next season’s Champions League by finishing sixth in Ligue 1. Financially, the club saw a significant cash infusion by selling Rayan Cherki to Manchester City and parting ways with high-profile player Alexandre Lacazette, yet this was insufficient to reassure the DNCG about Lyon’s financial health—a challenge Kang now inherits.
As the new Ligue 1 season is set to commence in mid-August, Lyon will face Lens should they succeed in their appeal.
Michele Kang’s impact extends beyond Lyon, with Forbes estimating her net worth at $1.2 billion. After acquiring Lyon, Kang previously led the Washington Spirit women’s team starting in 2022, growing their attendance from 3,000 to 15,000 per game. She also leads Kynisca Sports International, a women-led sports organization, and has pledged significant funding to support women’s soccer in the United States. Her initiatives include a historic $30 million pledge to U.S. Soccer programs and a $50 million global investment fund aimed at enhancing elite female athletes’ health and performance.
Lyon’s women’s team, lauded for their record as an eight-time Champions League winner, anticipates the opening of a tailored training campus in 2026 while continuing to share the Groupama Stadium with the men’s team. Their impressive draw of 38,466 spectators for last season’s women’s Champions League semifinal against PSG showcases the club’s enduring appeal.