Olympique Lyonnais is on the verge of entering a new era after Eagle Bidco reached an agreement with American businesswoman Michele Kang for the sale of its controlling stake in Eagle Football Group SA, the holding company that owns the French club.
Under the terms of the deal, Kang is set to acquire 87.8 per cent of the company’s shares for approximately €26 million, positioning herself as Lyon’s sole controlling shareholder.
The agreement arrives after months of financial uncertainty surrounding the seven-time French champions. However, the transaction remains subject to approval from France’s financial watchdog, the DNCG, which must assess the guarantees presented by Kang and determine the club’s administrative status in Ligue 1.
Kang commits up to €71 million to support Lyon
The proposed takeover extends well beyond the purchase price.
Kang has personally committed to addressing obligations owed to the club’s principal creditors, while the broader package would inject up to €71 million into the organisation. Including transaction-related costs, the total financial commitment is expected to rise to €75 million.
Approximately €31 million would become available immediately upon completion of the acquisition.
In addition, Lyon’s major financial partners — including Ares, Goldman Sachs, MUFG and MetLife — have agreed to provide credit facilities covering the next 18 months. Those arrangements, however, depend on the successful completion of the takeover process.
DNCG approval remains the final hurdle
Before the agreement can be finalised, Kang is expected to appear before the DNCG to present her plans for the club and demonstrate the financial safeguards underpinning the proposal.
If approval is granted, Olympique Lyonnais will formally exit the Eagle Football structure. The parent company will continue to operate under the OL Groupe name and remain publicly listed.
No immediate changes are anticipated within the club’s executive leadership. Kang is expected to remain president, while Michael Gerlinger will continue in his role as chief executive officer. Lyon also confirmed that the men’s football operations will continue to be managed separately from OL Lyonnes, the club’s women’s team.
“It is with a profound sense of responsibility and immense honour that I join this process to acquire Olympique Lyonnais,” Kang said. “The progress achieved over the last year has already been extraordinary. We will continue working across every level of the organisation to restore our club to its status as a leader in European football and a source of pride for the Lyon metropolitan area.”
Gerlinger echoed those sentiments, saying Kang’s commitment provides renewed momentum to the significant transformation already underway and strengthens the club’s ambitions for the future.