Korean-American businesswoman Michele Kang, 67, has acquired a European soccer powerhouse, expanding the reach of her global women's soccer empire.
French professional soccer club Olympique Lyonnais announced on its website Tuesday that "Chairwoman Kang has agreed to acquire the club." Under the agreement, Kang will purchase an 87.8% stake in parent company Eagle Football Group SA through a court-appointed administrator, directly repaying debts owed to creditors and gaining sole management control.
The amount Kang has pledged to invest in the group totals 75 million euros (about 132 billion won), including transaction costs. Of this, 31 million euros will be injected immediately upon completion of the acquisition. Once the deal is completed, Lyon will be reborn as an independent entity called "OL Group."
There is a particular reason this acquisition is drawing attention. It represents the pinnacle of the global women's soccer journey Kang has built. Starting with the National Women's Soccer League (NWSL) Washington Spirit in 2022, she went on to successively acquire England's second-division London City Lionesses the following year, and Olympique Lyonnais Féminin. In 2024, she founded "Kynisca Sports International," the world's first multi-club organization focused on the professionalization of women's soccer.
U.S. business magazine Forbes last year estimated Kang's wealth at 1.2 billion dollars (about 1.875 trillion won). Hurdles remain before the acquisition can be finalized. It must receive approval from the National Directorate of Management Control (DNCG) under the French Football Federation, and Lyon must retain its eligibility to remain in Ligue 1 next season. Lyon, which won seven consecutive titles from the 2001-2002 season in Ligue 1, faltered under loose management after being handed over to U.S. capital in 2022. Last year it was even pushed to the brink of relegation to the second division, before Kang contested the relegation decision and succeeded in keeping the club in the top tier.
