June 24 – American businesswoman Michele Kang has moved a step closer to taking full control of French giants Olympique Lyonnais after agreeing a deal worth up to €101 million designed to rescue the club from its ongoing financial malaise and finally sever its ties with John Textor’s Eagle Football Group.

The proposed agreement will see Kang (pictured) acquire the 87.78% stake in Eagle Football Group currently held by Eagle Bidco for $30 million (€26.3 million), while also injecting €71 million in fresh funding in an effort to stabilise the club’s finances and restructure debt.

Lyon have spent the past two years locked in a state of financial uncertainty. They were provisionally relegated to Ligue 2 last year due to financial issues, although that decision was later overturned on appeal.

Kang already owns women’s side OL Lyonnes and has served as chief executive and chair of Eagle Football Group for the past year. She will become the sole controlling shareholder of Lyon should the transaction receive regulatory approval.

Eagle Football Group reported debt of about €616 million at the end of 2025.

As part of the agreement, Kang has personally committed to buying out debt held by the club’s principal lenders. Lyon said several creditors, including Goldman Sachs, MetLife and MUFG, have granted concessions covering the next 18 months to help facilitate that restructuring.

The transaction would bring an end to Lyon’s place within Textor’s Eagle Football network. The club intends to revert to the name Olympique Lyonnais Groupe and operate independently while remaining publicly listed.

“It is with a great sense of responsibility and immense honour that I take part in this takeover process today,” Kang said.

“We will continue our efforts on all fronts to restore our club as one of the leaders in European football.”

Chief executive Michael Gerlinger added: “We have put Olympique Lyonnais back on the right track, allowing our sporting department to work with peace of mind. With Matthieu Louis-Jean and Paulo Fonseca, we will do everything in our power to live up to Michele’s personal investment.”

Despite the optimism, there is still one hurdle to jump. French football’s financial watchdog, the DNCG, must still approve the arrangement and confirm Lyon’s place in Ligue 1 before the deal can be completed.

Contact the writer of this story, Harry Ewing, at [email protected]