John Textor resigns and Michele Kang takes over as president of relegated Lyon

American businesswoman Michele Kang took over on Monday, June 30, as president of seven-time French champion Lyon after John Textor resigned following the club’s relegation over financial irregularities. The South Korea-born Kang is also majority owner of the Lyon’s women’s team – OL Lyonnes – and has been on Lyon’s board of directors since 2023.

Olympique Lyonnais added that Textor has also resigned from the board of directors. He became Lyon president three years ago, taking over from longstanding incumbent Jean-Michel Aulas, who sold to Textor’s Eagle Football Holdings.

Lyon said in a statement that Kang will play an “active role” in leading the club’s appeal against the relegation handed down last Tuesday by the French league’s watchdog, known as DNCG.

The case is expected to be heard within the next week. That ruling could also decide whether Crystal Palace will be allowed to play in next season’s Europa League, which Lyon also qualified for. Textor also held a 43% stake in Palace – which he has agreed to sell to New York Jets owner Woody Johnson – and UEFA has rules against clubs with the same owner playing the same competition.

“A highly respected figure in European football administration, Michael brings over two decades of experience in governance, regulatory affairs and sports operations,” Lyon said in its statement. The 66-year-old Kang will be supported in her role by Michael Gerlinger, the general manager of Eagle Football Holdings.

€175 million in debt

Lyon’s run of Ligue 1 titles from 2001-08 made it the powerhouse of French football. Since Paris Saint-Germain took over at the top, fortunes have steadily dipped for Lyon. The decision to relegate the club followed an audit of its finances by the DNCG, with Lyon’s current debt estimated at €175 million. The DNCG had already provisionally relegated Lyon to Ligue 2 in November, with the club reporting at the time that it had more than €500 million of debt. A transfer ban was also imposed in the January transfer window.

News of Lyon’s relegation was met by dismay from Lyon fans, with one historic supporters group, The Bad Gones, leading calls for Textor’s immediate resignation. The club shop was tagged with a blunt message urging him to go.

A Champions League semi-finalist five years ago, Lyon narrowly lost to Manchester United in the Europa League quarterfinals this season and missed out on a cash windfall when it failed to qualify for next season’s Champions League after finishing sixth in Ligue 1.

Three weeks ago, Lyon received a much-needed cash injection by selling coveted playmaker Rayan Cherki to Manchester City for €36 million, while high earners like forward Alexandre Lacazette left the club. But it wasn’t enough to convince the DNCG that Lyon’s books were in order, a task which now falls to Kang.

Ligue 1 resumes in mid-August with Lyon scheduled to play at Lens if it wins the appeal.

Head of the Washington Spirit

Kang assumes majority ownership of Lyon one year after taking over the Washington Spirit women’s team in 2022 when average gates were around 3,000. They are now around 15,000. Forbes estimates Kang’s worth at $1.2 billion.

She also heads Kynisca Sports International, a women-led, multi-team global sports organization. Last November, she pledged $30 million to US Soccer over five years for women and girls – the largest single investment specifically for women’s and girl’s programs in the federation’s history. As well as her donation to US Soccer, in August 2024 her Kynisca Sports organization set up a $50-million global investment fund to help improve the health and performance of elite female athletes.

Lyon’s women’s team – a record eight-time Champions League winner – will enjoy a new, female-specific training campus when it opens in July 2026. The women’s team will also share the Groupama Stadium with the men’s side.