Lyon confirm agreement reached for Michele Kang to take over the club

Lyon confirm agreement reached for Michele Kang to take over the club
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The planned deal involves the purchase of all EFG shares held by the holding company Eagle Bidco, which is under judicial administration, representing 87.78% of the capital for a price of 30 million dollars (26.3 million euros), the group explained in a statement. Kang, current CEO of EFG, has also committed to provide "up to 71 million euros in new funds to the OL group".

Following this transaction, Olympique Lyonnais will leave John Textor's multi-club group to "become OL Groupe again as before" while remaining a publicly listed company.

To finalize the deal, Michele Kang has personally committed to buy out the main lenders' debt and will become "the sole controlling shareholder of OL". Michele 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)".

The DNCG's green light as the final condition

The agreement is now on the table, but the financial watchdog of French football will have the final say. Kang will be "interviewed by the National Directorate of Management Control in the coming days," and the completion of 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.