Michele Kang Reaches Agreement to Take Over Olympique Lyonnais from Eagle Football

Michele Kang OL deal

OL Takeover: Lyon to leave John Textor’s multi-club model as Michele Kang deal agreed. Kang to Buy 87.78% stake for $30m, pledges €71m investment.

Michele Kang set to become sole controlling shareholder of Olympique Lyonnais...

Olympique Lyonnais’ takeover by American businesswoman Michele Kang is now agreed, Eagle Football Group announced on Tuesday. Kang has been running the club for the past year and will assume full control.

The deal covers all Eagle Bidco shares held under judicial administration, equal to 87.78% of the club’s capital, for $30m / €26.3m. EFG said in a statement that Kang, currently CEO of the group, has also pledged “up to €71m in new funds” for OL going forward.

After the deal closes, Olympique Lyonnais will exit John Textor’s multi-club setup to “become OL Groupe again as before,” while staying a publicly listed company.

To wrap up the transaction, Michele Kang has personally committed to buy out the main lenders’ debt and will become “the sole controlling shareholder of OL.” Kang will inject “up to 71 million euros (75m€ including transaction costs) into the Group, with 31 million as soon as the deal closes.” The main lenders have granted concessions for the next 18 months. The club also made a point of explicitly thanking Ares, Goldman Sachs, MUFG, and MetLife “for giving it a second chance.”

Michele Kang will remain president and Michael Gerlinger will continue as CEO. It should be noted that OL “will still be managed separately from OL Feminin (formerly OL Lyonnais).”

DNCG approval still needed

The agreement is on the table now, but French football’s financial regulator gets the last word. Kang will be “interviewed by the National Directorate of Management Control in the coming days,” and finishing the deal remains strictly “subject to the club's administrative retention in Ligue 1 by the DNCG.”

“It is with a great sense of responsibility and immense honor that I take part in this takeover process today (...). We will continue our efforts on all fronts to restore our club as one of the leaders in European football,” promised Kang.

“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,” added Gerlinger.