Can Michelle Kang, a Korean-American female entrepreneur, become the savior of Olympique Lyon? The prestigious French club, facing the risk of relegation due to financial difficulties, has entrusted its fate to her.
Lyon announced via the club's website on the 30th of last month (Korean time), "Michelle Kang has been appointed as the president and CEO of Eagle Football Club, and Michael Gehrlinger as CEO."
Additionally, Lyon noted, "Michelle Kang, who has been active on the Lyon board since 2023, has been appointed as the president of the men's team. She is expected to actively participate in supporting the Lyon board, including leading the club's appeal process raised to the National Directorate of Management Control (DNCG)." The statement added, "Chairman John Textor has resigned from the leadership role at Lyon, which includes the board of directors."
Michelle Kang said, "Lyon is entering a very important phase. I thank Gehrlinger for the commitment and vision shown in welcoming the club to Eagle Football. I look forward to closely cooperating with Gehrlinger and the Lyon management team and board to assist the club through the DNCG process and beyond."
Textor, who is leaving Lyon, said, "I am very proud of the sporting success achieved after successfully rebuilding the team over the past two years following a long hiatus and returning to European competitions. I thank everyone at Lyon for their dedicated efforts during this difficult time." He remarked, "Michelle is the ideal choice to lead Lyon to the next stage. I have complete confidence in Lyon, which will become stronger under her leadership."
Born in 1959, Michelle Kang is a renowned entrepreneur from Korea. The British news agency "Reuters" reported, "Eagle Football Group, the holding company of Lyon, has appointed Michelle Kang, a heavyweight in women's football, as the president of the team facing financial difficulties."
Michelle Kang, who was born in Korea, left for the United States to study while attending Sogang University, demonstrating an entrepreneurial spirit. She began to gain recognition by founding healthcare IT corporations and achieving success.
Michelle Kang also entered the soccer world. Based on her estimated net worth of $1.2 billion (approximately 1.6248 trillion won), she is leading several women’s soccer clubs to success. Currently, Michelle Kang is ranked as the 11th wealthiest female sports team owner in the world.
A notable success story is London City Lionesses. The London City Lionesses won the Women's Championship (second division) in May, successfully advancing to the Super League (first division). In addition, Michelle Kang is the owner of Washington Spirit and Olympique Lyon Féminin.
Now taking on the role of president of the men's team, Michelle Kang is described as "an American national entrepreneur, investor, and philanthropist. Through her own success, she has helped others achieve the 'American dream.' Michelle Kang, who joined the Olympique Lyon board in 2023, is the 'third major shareholder' of Olympique Lyon and the largest shareholder of the women's soccer team."
Michelle Kang has become the leader overseeing both men's and women's professional teams, now managing all of Lyon. This appointment carries implications beyond a simple leadership change for Lyon. Currently, Lyon faces a critical crisis after being relegated from Ligue 1 to Ligue 2.
The reason is financial issues. Lyon recently faced provisional relegation from the DNCG due to poor financial management and has initiated an appeal. Despite Michelle Kang expressing her willingness to raise significant funds to resolve the situation, it was insufficient to persuade the DNCG. The DNCG warned that Lyon, which has debts exceeding €500 million (approximately 797.8 billion won), must secure at least €175 million (approximately 279.3 billion won) to remain in Ligue 1.
Michelle Kang's top priority is to address the financial crisis and prevent the prestigious Lyon, representing France, from being relegated. This issue is significant not only for Lyon but for the entire French football community. Rival Paris Saint-Germain (PSG) is also set to pay the transfer fee of €50 million (approximately 79.8 billion won) for Bradley Barcola in a lump sum, which was previously agreed to be paid in partitions, to assist Lyon's retention.
Lyon has now completed a financial health review process and has signed a contract with UEFA's financial management organization for clubs. If successful in the appeal against the DNCG's decision, participation in the next UEFA Europa League looks possible.
The fate of Lyon and Michelle Kang is garnering considerable attention within France. If an Asian female leader saves a major European club from an unprecedented crisis and leads it back to success, it could remain a symbolic scene in the sports world.
French 'RMC Sport' shared an anecdote where Michelle Kang confessed that she didn’t even know who Lionel Messi, who previously played for PSG, was, explaining that "Michelle Kang is highly regarded for her management strategy, which firmly trusts field experts and structurally supports the team."
Additionally, the media added, "Michelle Kang is now the first Korean-American female president managing a Ligue 1 men's team. She is also promoting plans for the establishment of a women’s exclusive training center and a stadium capable of seating 20,000 for women."
[Photo] ⓒGettyimages (unauthorized reproduction and redistribution prohibited), Olympique Lyon social media.
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