American entrepreneur Michele Kang has reached an agreement to acquire French club Olympique Lyonnais for approximately €26.3 million.

As part of the deal, Kang will inject up to €71 million into the club and has committed to covering Lyon’s debt, which currently stands at around €232.6 million, according to Eagle Football Group.

Kang will acquire a 87.78% stake from American businessman John Textor.

“It is with a great sense of responsibility and immense honour that I am joining today in this process of taking over Olympique Lyonnais,” Kang said in a statement.

“We have managed to regain everyone’s trust, while laying the foundations for the reconstruction of OL,” she added.

The transaction remains subject to approval from France’s financial regulator and is also conditional on Lyon retaining its Ligue 1 status for next season. The club narrowly avoided relegation last July after breaching financial regulations.

“The transaction aims to provide fresh capital and stability to the club amid serious financial difficulties,” Eagle Football Group said.

Kang was already chairwoman and a minority shareholder of Lyon’s men’s team, while also owning the club’s women’s side. She is also the owner of women’s football clubs Washington Spirit in the United States and London City Lionesses in England.

Eagle Football Group was placed under judicial administration in March, effectively removing former Lyon president John Textor from the club’s leadership. Kang assumed the presidency in June 2025, and the following month Lyon successfully appealed a decision that would have seen the club relegated.

To address its financial challenges, Lyon has been forced to reduce wages and limit its transfer budget for the current season.

The club finished fourth in Ligue 1 last season, securing a place in the UEFA Champions League qualifying rounds.