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| Capture=Olang Peak Lyon homepage |
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Korean female CEO Michelle Kang (Korean name Kang Yong-mi) has come to the fore to save Olympique Lyon, who has been relegated to the second division of the French league.
Eagle Football Group (EEFG), a holding company in Olympique Lyon.PA) announced on the 1st (Korea time) that it has appointed Michelle Kang, a big name in women's soccer, as the chairman of the club suffering from financial difficulties. Michelle Kang, the owner of U.S. Women's Soccer Washington Spirit, the largest shareholder of the women's team in Olympique Lyon and who has served as a board executive since 2023, will replace John Textor, an American company accused of cheating, as CEO of Eagle Football Group. In addition, Michael Gerringer, a former vice president of Bayern Munich, the group's chief sports officer, was appointed general director of Olympique Lyon.
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| Photo = Reuters Yonhap News |
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Michel Kang said "Olympique Lyon is going through a very critical time, and I would like to thank John Textor for his dedication and vision to bringing the club into the Eagle football group. We will work closely with Michael Gerringer, management and the board to support the DNCG process and beyond."
Introducing Michel's life, the club said `Michelle is an American businessman, investor and philanthropist who has dedicated himself to helping others realize their 'American dream' based on his success. Michelle joined the board of directors of Olympique Lyon back in 2023 and explained that she is the third largest shareholder of Lyon and the majority shareholder of the women's team Olympique Lyon Feminine.
Olympique Lyon was founded in 1950 and has won seven consecutive French Ligue 1 titles since 2001 and has collected 21 championships, but it suffered a shocking second-division relegation on the 24th of last month as its financial audit by French soccer regulator DNCG revealed that its debt amounted to 175 million euros (about 280 billion won). In accordance with the UEFA regulations that they must be in the top league of the country in order to participate in the European league, participation in the Europa League will also be canceled if they are relegated to the second division. In addition, an agreement is underway to sell Textor's stake to Palace owner Woody Johnson under the regulation that clubs with joint shareholders cannot play in the same European League competition in the same season because Textor holds a 43% stake in Crystal Palace. Chairman John Textor, who also stepped down from the board upon the CEO's retirement, delivered his retirement speech saying that `Michelle Kang is the perfect choice to take Olain Peak Lyon to the next level and under her leadership OL will be stronger.'
The Lyon club expects new CEO Michel Kang to play a role in persuading and proving the financial soundness of the DNCG regarding the club's appeal hearing process for the relegation. If this part is explained, Lyon's dramatic revival is also possible. If Lyon wins the appeal against relegation ahead of the new League 1 season, which resumes in August, Lyon will be able to play in the Europa League with a return to the top flight.
This article was translated by Naver AI translator.
