Michele Kang outlines OL takeover plan after sleepless nights | OneFootball

Michele Kang, majority owner since Tuesday, set out the structure of her takeover on Friday, a deal underpinning OL’s Ligue 1 stay under payroll controls after the DNCG decision.

She arrived 20 minutes late at Groupama Stadium, then described a high risk buyout, her sleepless nights and ambitions. According to L'Équipe, she outlined a five-point financing plan that secured 87.78% control through talks with Eagle Bidco’s court-appointed administrator, the Ad Hoc independent committee and long-term stadium creditors, about €375m, plus lenders on John Textor’s loan.

Kang bought Eagle Bidco’s debt from Ares and its affiliates for €26.3m. She committed €71m in cash over two seasons, €75m including transaction costs, with an immediate first tranche, and Ares agreed to write off €232.6m. A rescheduling of credit facilities and stadium debt will spare OL financial charges until January 2028, an agreement finalised after the watchdog’s ruling.

She accepted she had taken major personal and financial risks, admitted doubts and moments when the project felt close to collapse, yet said she embarked because she believed in OL, its value, Lyon and its community.

Kang noted a loss of more than €200m projected for 2024-2025, which she said has been halved under her stewardship. She stressed completing restructuring and stabilisation as the first priority, while building a financially sustainable OL that can still win on the pitch, requiring investment in the academy, youth development, the first team and infrastructure.

Chief executive Michael Gerlinger and new permanent sporting director Matthieu Louis-Jean underlined a target of a Ligue 1 podium finish every season and regular Champions League participation. OL will enter the qualifying round in August.

Source: L'Équipe