(BSS/AFP) - American businesswoman Michele Kang has become the majority shareholder of French club Lyon, the Ligue 1 outfit`s previous owners Eagle Football Group (EFG) announced on Friday.

Kang, who has run Lyon for the past year, has acquired 87.78 percent of the club`s share capital for a price of $30 million, the group said in a statement.

The purchased stake represents all of EFG`s shares held by Eagle Bidco -- the holding company which is under judicial administration.

"It is with immense pride and great honour that I announce the successful closing of the deal," Kang told reporters at a press conference at the club`s headquarters, adding that they had received approval after French football`s financial regulator had confirmed that Lyon would remain in the top flight.

The 67-year-old, who already owns Lyon`s women`s team, had been interviewed on Tuesday by the regulator body and had presented her takeover plan to them.

As EFG had already indicated, "an initial tranche of a shareholder loan of 31 million euros ($35.3m) has been made available to the OL Group," the statement said, "with a commitment of up to 71 million euros over the next two seasons".

The deal also includes "the full release of the intercompany debt owed by the OL Group to Eagle affiliates, resulting in the write-off of more than 230 million euros," Kang said.

Kang was already the Lyon men`s club president and had previously been a minority shareholder.

Eagle Football Group was placed under administration in March, effectively removing former Lyon chairman John Textor from its leadership.

Kang, who also owns women`s teams Washington Spirit in the United States and London City Lionesses in England, took over as club president from compatriot Textor in June 2025.

Lyon won an appeal against relegation the following month, after initially being demoted to Ligue 2 by French football`s financial watchdog.

But they had to cut their wage bill and transfer budget for this season.

Textor had taken over as Lyon`s majority owner in December 2022 from long-standing boss Jean-Michel Aulas, who had overseen unprecedented success, including seven straight Ligue 1 titles from 2002 to 2008.

Under Kang, Lyon improved to fourth in the top flight last season to reach the Champions League qualifying rounds.

Textor sold a minority stake in Crystal Palace last July but still owns Belgian club RWDM Brussels and Brazilian side Botafogo through EFG.