"W50 Billion Injection"... Korean-American Woman Worth W1.8 Trillion Buys French Football Powerhouse

[Financial News] Olympique Lyonnais, one of France's most prestigious professional football clubs, has entered a new financial chapter after coming under the ownership of Korean-American businesswoman Michelle Kang, 67. The club, which had been pushed to the brink of relegation to the second division because of heavy debt, now has a chance to recover thanks to Kang's large-scale capital injection and decision to directly repay its liabilities.
On the 24th (Korean time), Lyon officially announced that Kang had agreed to acquire an 87.8% stake in its parent company, Eagle Football Group, and complete the takeover of the club. Under the deal, Kang will buy all shares held by the court-managed holding company Eagle Bidco for $30 million, or about 46.3 billion won, becoming Lyon's sole controlling shareholder.
What drew the market's attention was Kang's bold financial rescue plan. She agreed to personally repay the massive debt owed to Eagle Bidco's major creditors. She also pledged to invest up to 75 million euros, or about 132 billion won, in new funds to stabilize club operations and management. Of that amount, 31 million euros, or about 54.3 billion won, will be injected immediately after the deal closes to ease the liquidity crunch.
Creditors also responded positively to the capital expansion plan. Major lenders including Ares, Goldman Sachs, MUFG, and MetLife agreed to provide financial support measures, including debt deferrals, for the next 18 months. The club said this showed "strong market confidence and support for Michelle Kang, who will become the club's future owner."

Olympique Lyonnais is a storied club that won seven straight Ligue 1 titles in the 2000s and produced global stars such as Karim Benzema and Hugo Lloris. However, after being acquired in December 2022 by American businessman John Textor's Eagle Football Group, poor management drove its debt up to $574.85 million, or about 899.7 billion won.
The club was eventually relegated by the National Directorate of Management Control, the financial watchdog under the French Football Federation, over deteriorating financial health. At the time, Kang, then a shareholder, used her personal funds to secure a review and keep the club in the top division. After overcoming that financial hurdle, Lyon finished the 2025-2026 season in fourth place in Ligue 1, staging a comeback.
Once the takeover is completed, Lyon will be fully separated from John Textor's multi-club structure and return to its former independent corporate identity, OL Group. Its status as a listed company will remain unchanged.
Kang and CEO Michael Gerlinger will remain in charge of management. The men's team acquired in this deal will be operated separately from the women's team, Olympique Lyonnais Féminin, which Kang already owns.
Kang, whose wealth is estimated by Forbes at $1.2 billion, or about 1.85 trillion to 1.875 trillion won, has invested heavily in football, including acquisitions of NWSL's Washington Spirit and England's London City Lionesses, as well as the founding of Kynisca Sports International, the world's first multi-club women's football organization.
Kang said, "I took part in the acquisition process with a deep sense of responsibility and great honor." She added, "I will spare no effort on every front so that the club can once again stand as a leader in European football."
Meanwhile, the acquisition is expected to be finalized once it receives final approval from the National Directorate of Management Control and the club retains its eligibility to remain in Ligue 1.

moon@fnnews.com Moon Young-jin Reporter