Lyon now has Michele Kang as sole shareholder after purchasing shares from Eagle and injecting 75 million euros
French club Lyon announced last Tuesday that Michele Kang now holds all of the shares. The businesswoman of South Korean origin formalized a contract with Eagle Bidco to acquire 87.8% of the shares of Eagle Football Group SA, which previously exercised majority control over the team.
The Eagle Bidco negotiation was mediated by the judicial administrator Cork Gully, as a result of John Textor’s removal from management, imposed by the English courts in March this year. Michele Kang has already served as a minority shareholder at Lyon since 2023 and, as of June last year, assumed the presidency of the association.
According to the established agreement, Kang will be responsible for resolving Eagle Bidco’s financial outstanding issues. In addition, it will make a contribution of 75 million euros (equivalent to R$442.5 million) in Lyon, of which 31 million euros (R$182.9 million) will be released immediately after the completion of the acquisition process.
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“It is with a great sense of responsibility and an immense honor that today I join this process to take command of Olympique Lyonnais”, declared Michele Kang. The businesswoman added that “the progress achieved over the last year has been exceptional. We managed to regain everyone’s trust and, at the same time, lay the foundations for OL’s reconstruction. We will continue our efforts on all fronts to restore our club’s status as one of the leaders of European football, as well as one of the main names in the Greater Lyon region.”
Lyon have announced that the club’s most significant creditors have granted new lines of credit for the next 18 months, a gesture that demonstrates support for the newly established management structure.
The completion of the purchase of shares, however, is still subject to approval of the club’s administrative maintenance in Ligue 1. This decision depends on the analysis of the National Directorate of Management Control (DNCG), the entity responsible for overseeing financial matters in the French Professional Football League, ensuring stability and compliance with regulatory requirements, something fundamental for the health of European clubs.
If the transaction is completed, Lyon will no longer be part of the Eagle group and will officially resume the name “OL Groupe”. Michele Kang will remain president, and Michael Gerlinger will continue as general manager. Additionally, the administration of the men’s team will be maintained separately from the women’s team.
