Michele Kang takes control of Lyon as Textor era ends | OneFootball

Lyon experienced a pivotal Tuesday, facing a DNCG hearing in the morning before announcing the sale of 87.8% of the club to Michele Kang in the afternoon, effectively closing the John Textor chapter.

Around 5pm, the club said in a statement that, if the deal completes, OL will leave Eagle Football and revert to OL Groupe.

Kang arrived at 34 boulevard de Courcelles shortly before 9.30am for an 11am DNCG hearing, leaving at 12.45pm without comment. The meeting was to present the sale project for approval by 30 June, with a decision expected in the coming days.

Supporters, mindful of last summer’s scare when OL were administratively relegated to Ligue 2 then reprieved in early July, must wait again. The stakes are lower this time, though restrictions cannot be ruled out, and without a last‑minute deal on ownership and governance the club would have faced another administrative drop.

Kang has undertaken to buy back debts owed to key lenders including Ares, to whom Eagle still owed €500m, via a debt-compensation operation enabling a €236m write-off. She becomes the sole controlling shareholder and has committed €71m in cash, €31m immediately to fund the 2026-2027 season and €40m if required.

OL have also agreed with banks to pay no interest or principal for 18 months from 30 June on several loans, including €75m linked to Goldman Sachs, allowing short-term focus on development before repayments resume. Despite a remaining €350m stadium-related debt, Kang said the past year’s progress has been exceptional, trust has been rebuilt and foundations set to push OL back among Europe’s leaders. Internally on Tuesday, there was optimism after sharp wage-bill cuts, even if the road ahead remains long.

Source: L'Équipe